Matrade Expects Malaysia-Turkey Trade To Maintain Last Year's Momentum

KUALA LUMPUR, June 27 (Bernama) -- Malaysia expects to maintain its total trade with Turkey this year, despite the global economic uncertainty coupled with the geopolitical issue plaguing Turkey recently, said the Malaysia External Trade Development Corporation. Chief Executive Officer Dzulkifli Mahmud said last year, Malaysia's total trade with Turkey amounted to US$1.37 billion (RM5.65 billion) while exports to that country were valued at US$926.28 million (RM3.80 billion) with imports at US$450.95 million (RM1.85 billion). "Exports increased 54.5 per cent from 2014, driven by the Malaysia-Turkey Free Trade Agreement (MTFTA) that came into force on Aug 1, 2015. "As for this year, we hope to continue this positive momentum or at least maintain similar results," he told reporters after attending the Malaysia-Turkey Business Seminar here Monday. Titled "Exploring Business Opportunities in Turkey", the seminar was conducted in conjunction with the external trade promotion arm's first participation at the 85th International Izmir Fair in Izmir, Turkey on Aug 26-31 this year. For the first four months of 2016, total trade between the two countries was valued at US$555.95 million (RM2.28 billion) compared with US$346.15 million (RM1.42 billion) in the same period a year ago. The strong trade was driven by higher exports of, among others, palm oil and palm-based products, textiles and clothing and processed food. According to Dzulkifli, there are still a lot of untapped opportunities in Turkey for Malaysian companies especially for halal processed food products, exports of which Matrade hopes to increase by 10 per cent. "With Matrade's assistance, local 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. "Additionally, the Turks can also utilise Malaysia as an entry point for ASEAN," he said. Also attending today's event was Deputy Head of Mission from the Turkish Embassy, Ahmet Dogan. He said the government is working hard to regain investors' confidence following the attack in two of its cities, Ankara and Istanbul. "We hope that this threat will end soon and things will get better in the future. "We take very seriously what had happened in our country hence we are organising this seminar in August to welcome Malaysian companies to have a better understanding of the Turkish market," he said. (US$1 = RM4.10) --BERNAMA