MARKET DEVELOPMENT
Malaysia To Make Forays Into Turkey Following Signing Of MTFTA
Malaysia To Make Forays Into Turkey Following Signing Of MTFTA
05/08/2015 (Bernama) - Malaysia will make forays into Turkey following the implementation of the Malaysia-Turkey Free Trade Agreement (MTFTA), signed on Saturday, International Trade and Industry Minister Datuk Seri Mustapa Mohamed said.
He said Malaysia would be promoting investments and services in Turkey, apart from trade.
"It's the game changer and the way to go, especially when Malaysia has investments valued at US$2 billion (US1 = RM3.85) in Turkey.
"We are quite big in Turkey through Khazanah Nasional Bhd and Malaysia Airports Holdings Bhd (MAHB)," he told reporters after receiving Turkey Foreign Minister Mevlut Cavusoglu at his office here today.
Khazanah Nasional holds a 75 per cent stake in Turkey's largest hospital chain while MAHB has taken over the operation of Turkey's Istanbul Sabiha Gokcen International Airport and LGM Havalimani Isletmeleri Ticaret ve Turizm.
At the meeting, Mustapa and Cavusoglu, who is attending the 48th ASEAN Foreign Ministers Meeting, discussed bilateral trade and economic issues, particularly on the MTFTA that would give Malaysia a competitive advantage in Turkey.
Mustapa said with the agreement, both countries strived to boost the total trade to US$5 billion by 2020 from US$1.5 billion at present.
Urging the Malaysian private sector to maximise the opportunities provided by the MTFTA, he said, "With a population of 74 million, Turkey is a big market for Malaysia's businesses."
Meanwhile, Cavusoglu said Malaysia was the first country in ASEAN that Turkey chose to sign a partnership with and it was looking forward to deepen the bilateral ties.
In 2014, the total trade between Malaysia and Turkey amounted to US$969 million, while Malaysia's exports to Turkey totalled US$752 million and imports amounted to US$217 million.
The MTFTA facilitates greater penetration of Malaysia's main export products to Turkey that would enjoy immediate duty-free treatment.
The items include textiles and apparel, electrical and electronic appliances, chemicals, and iron and steel products that would benefit from the phasing out of import duties in stages within eight years from Aug 1, 2015.
Malaysian palm oil and palm products are eligible for a one-off duty reduction of 30 per cent from the current most favoured nation rate (0-46.8 per cent).
He said Malaysia would be promoting investments and services in Turkey, apart from trade.
"It's the game changer and the way to go, especially when Malaysia has investments valued at US$2 billion (US1 = RM3.85) in Turkey.
"We are quite big in Turkey through Khazanah Nasional Bhd and Malaysia Airports Holdings Bhd (MAHB)," he told reporters after receiving Turkey Foreign Minister Mevlut Cavusoglu at his office here today.
Khazanah Nasional holds a 75 per cent stake in Turkey's largest hospital chain while MAHB has taken over the operation of Turkey's Istanbul Sabiha Gokcen International Airport and LGM Havalimani Isletmeleri Ticaret ve Turizm.
At the meeting, Mustapa and Cavusoglu, who is attending the 48th ASEAN Foreign Ministers Meeting, discussed bilateral trade and economic issues, particularly on the MTFTA that would give Malaysia a competitive advantage in Turkey.
Mustapa said with the agreement, both countries strived to boost the total trade to US$5 billion by 2020 from US$1.5 billion at present.
Urging the Malaysian private sector to maximise the opportunities provided by the MTFTA, he said, "With a population of 74 million, Turkey is a big market for Malaysia's businesses."
Meanwhile, Cavusoglu said Malaysia was the first country in ASEAN that Turkey chose to sign a partnership with and it was looking forward to deepen the bilateral ties.
In 2014, the total trade between Malaysia and Turkey amounted to US$969 million, while Malaysia's exports to Turkey totalled US$752 million and imports amounted to US$217 million.
The MTFTA facilitates greater penetration of Malaysia's main export products to Turkey that would enjoy immediate duty-free treatment.
The items include textiles and apparel, electrical and electronic appliances, chemicals, and iron and steel products that would benefit from the phasing out of import duties in stages within eight years from Aug 1, 2015.
Malaysian palm oil and palm products are eligible for a one-off duty reduction of 30 per cent from the current most favoured nation rate (0-46.8 per cent).