Phl forges stronger ties with Turkey, Hungary

The Philippines continues to strengthen its engagement with Turkey and Hungary in line with President Duterte’s vision to diversify and strengthen the country’s trade and investment relationship with nontraditional partners.

The Department of Trade and Industry (DTI) said yesterday the Philippines has revived the Joint Committee on Economic and Technical Cooperation with Turkey, followed by a series of fora with ministerial and business chambers in Hungary.

“The Philippines’ engagement with Turkey and Hungary is in line with the current administration’s strategy of rebalancing investment and trade relations with non-traditional partners through the pursuit of an independent foreign policy,” Trade Secretary Ramon Lopez said.

Lopez is leading a trade and investment mission which aims to increase exports of Philippine products to both markets and attract Turkish and Hungarian investors into the country.

“With the country’s solid economic fundamentals built on the upbeat confidence of investors on the administration’s reforms

and programs to create sustainable growth, we are positive of getting more investments from our foreign economic partner countries such as Turkey and Hungary as we continue to promote the country as a prime investment destination,” he said.

For the Turkey mission, Lopez said the delegation will promote construction, manufacturing (particularly automotive, electronics, shipbuilding, and aerospace), halal products, coconut products, personal care and IT business process management.

For the Hungary mission, the delegation will seek to promote manufacturing particularly the sub-sectors of machineries, medical devices, automotive parts, aerospace, pharmaceuticals, food and agri-business, infrastructure and shared services.

According to the DTI, Turkey and Hungary are minimal sources of foreign investments in the Philippines.