PH,Turkey ink deal on investment promotion

THE Board of Investments (BOI) and Turkey’s Prime Ministry Investment Support and Promotion Agency (Ispat) signed on Wednesday an investment promotion agreement that is seen to enhance economic ties between Manila and Ankara.

Signed by Trade Undersecretary and BOI Head Ceferino Rodolfo and Ispat President Arda Ermut, and witnessed by Trade Secretary Ramon Lopez and Turkish National Defense Minister Nurretin Canikli, the memorandum of understand (MOU) would have both parties exchange best practices, and information on investment environment and opportunities.

It also encouraged local companies to set up and expand their businesses in the partner-country.

This came as Lopez led a trade delegation to Turkey to convene the first Philippine-Turkey Joint Committee on Economic and Technical Cooperation.

“The Philippines is committed to pursue several growth opportunities by strengthening partnerships with emerging economic partners, like Turkey,” Lopez said.

The Trade chief and Canikli discussed trade and investment cooperation on micro, small and medium enterprises (MSMEs); manufacturing, such as textiles and garments, pharmaceuticals, agricultural processing for mango, coconut and banana; hotels and tourism; infrastructure; air services; customs; energy; science and technology; education; standardization; film and creatives; defense; contracting and consultancy services.

Turkish companies offered to buy Filipino exports and shall venture with Filipino partners to manufacture them, such as in textiles and pharmaceuticals, Lopez said.

The meeting also involved discussing ongoing government efforts in rebuilding Marawi City in Lanao del Sur province, and how Muslim-majority Turkey can assist the Philippines in this regard.

These included how Islamic financing could be used by MSMEs affected by the months-long siege. They would also study possible industries that can be set up in Mindanao and generating more jobs for Marawi residents.

In 2016, Turkey was the Philippines’ No. 45 trading partner and export market, and No. 43 import supplier. In the first 11 months of 2017, total trade between the two countries total $163 million.

“Engaging with Turkey is in line with the thrust of the Duterte administration to engage with non-traditional trading partners to reinvigorate ties and increase trade between both countries,” Lopez said.