Malaysia and Turkey eyes to expand bilateral trade by 50 pc this year

Turkey and Malaysia’s total trade for the first four month of 2016 was up 60.6 percent on the previous year, a rise from $346.26 million to $555.97 million. However, the two countries are expected to expand bilateral trade by up to 50 percent this year, supported by both countries’ strong economic fundamentals, according to a Malaysian trade promotion agency.

While, total trade between Turkey and Malaysia for the year to December 2015 stood at $1.38 billion, with Turkish exports at $451.11 million and imports at $926.61 million.

Malaysia External Trade Development Corporation (MATRADE) CEO Dzulkifli Mahmud speaking after a seminar titled “Exploring Business Opportunities in Turkey”, co-organized by MATRADE and the Embassy of the Republic of Turkey in Kuala Lumpur said that global economic uncertainty and geopolitical tensions had not affected the growth in exports and imports between the two.

The major exports to Malaysia include textiles and clothing, chemical products, machinery and processed food, while imports were comprised of textile and clothing, chemicals and chemicals products, palm oil and palm-based products, manufactures of metal and rubber products.

The deputy head of mission of the Turkish embassy, Ahmet Dogan, said that a lot of untapped opportunities remain in Turkey for Malaysian companies. With MATRADE’s assistance, Malaysian companies could have access to market intelligence on Turkey and at the same time they could plan a strategic approach in using Turkey as a gateway to Europe and North Africa. Similarly Turkish firms look at Malaysia as an entry point for the Southeast Asian region.

Further with Malaysia-Turkey Free Trade Agreement coming into force in August 2016. The stronger momentum is expected to continue this year, with the weakening of the Ringgit granting better value for exports.