MATRADE Launches Malaysia-Turkey Business Club
Wednesday, April 13th, 2016, Kuala Lumpur: Malaysia - Turkey Business Club (MTBC) was launched today at Menara MATRADE to improve the communication channel between Malaysian companies with Turkish players. The launch was facilitated by the Malaysia External Trade Development Corporation (MATRADE) and took place at a networking luncheon attended by both Malaysian and Turkish companies.
MTBC is an initiative aimed at providing a platform for Malaysian and Turkish companies to network and share useful information in creating more joint venture projects and business opportunities for trade and investment. MTBC was established as a non-governmental organisation to support and represent companies in various sectors.
The inception of MTBC is timely following the Malaysia-Turkey Free Trade Agreement (MTFTA) that came into effect on 1st August 2015. Under the MTFTA, Malaysia and Turkey agreed to eliminate their customs duties at approximately 70% of the total tariff lines. At the end of the total eight years of elimination period, Malaysia will eliminate 99% of the tariff lines while Turkey is set to eliminate 86%.
Since the MTFTA came into effect, Malaysia’s exports to Turkey had increased by 54.5 per cent from RM2.46 billion in 2014 to RM3.8 billion in 2015. While imports were valued at RM1.85 billion in 2015 compared to RM710.7 million in the previous year.
Malaysia’s major exports to Turkey were palm oil & palm-based products which are valued at RM1.08 billion; textiles, clothing & footwear (RM740.9 million); chemicals & chemical products (RM580.7 million); manufactures of metal (RM334 million) and rubber products (RM283.6 million).
Main imports from Turkey were petroleum products valued at RM323.6 million; textiles, clothing & footwear (RM127.7 million); chemicals & chemical products (RM106.8 million); machinery, appliances & parts (RM103.2 million) and processed food (RM99.7 million).
With the MTBC, MATRADE hopes the bilateral trade between Malaysia and Turkey will be further enhanced in various sectors, particularly in services.
For the period of January to February 2016, trade with Turkey increased by over 100% to RM1.21 billion compared to RM573.3 million recorded for same period in 2015. Growth in trade was driven by exports which rose by 136.9% from RM438.1 million in January-February 2015 to RM1.04 billion in January-February 2016. Imports had also increased by 28.3% from RM135.2 million in January-February 2015 to RM175.3 million for the same period in 2016.
MATRADE encourages Malaysian companies that are keen to expand their export market in Turkey to contact MATRADE’s Istanbul office at Alamat emel ini dilindungi dari Spambot. Anda perlu hidupkan JavaScript untuk melihatnya.. Alternatively, they can also contact MATRADE’s Integrated Centre for Export at Alamat emel ini dilindungi dari Spambot. Anda perlu hidupkan JavaScript untuk melihatnya..
