Turkey to strike trade balance with Malaysia

By BERNAMA / Pic By BLOOMBERG

Turkey is looking to increase exports to Malaysia in several identified areas with growth potential and strike a balance in trade, said outgoing Turkish Ambassador Basak Turkogu.

The trade balance is currently in Malaysia’s favour.

“Despite the great improvement in bilateral trade between both countries since the signing of a free trade agreement (FTA) in 2016, there remains a huge gap in terms of export value which has benefitted Malaysia.

“I think there is a huge potential (for exports) in respect of the defence industry, which was my priority. Then, comes education and of course technology, as well as cooperating in the food industry such as the halal sector and electrical appliances.

“It (bilateral trade) is now flourishing. We have to deepen and enhance the relationship, which has greater mutual trust and under standing, underlined by a strong partnership base via all the legal agreements, as well as political will,” she told Bernama.

Meanwhile, the chief commercial counsellor at the Turkish Embassy Refik Ozgur said as of September this year, Malaysia recorded exports of US$2 billion (RM8.47 billion) to Turkey. Turkish exports to Malaysia stood at US$200 million.

“Malaysian companies have taken advantage of the FTA. Among the main items from Malaysia to Turkey are palm oil, raw aluminium and electronic products, including solar energy,” Ozgur said.

Figures from the Ministry of International Trade and Industry showed that Malaysia-Turkey bilateral trade grew 50.2% in 2016 to RM8.42 billion from RM5.61 billion in 2015, with exports totalling RM7.13 billion and imports at RM1.24 billion.