KUALA LUMPUR, Malaysia -- The newly-formed Malaysia-Turkey Business Club (MTBC) expects exports to Turkey this year to grow more than the 54.5 per cent growth achieved last year, said Malaysia External Trade Development Corporation (Matrade).
Matrade Chief Executive Officer Dzulkifli Mahmud said the new club, which will complement the existing council that promotes Malaysia-Turkey trade, would further enhance networking between companies in various sectors from both nations.
"MTBC will serve as a platform for both Malaysian and Turkish companies to network and share useful information in creating more joint-venture projects and business opportunities for trade and investment.
"We will always strive to achieve good results in trade. We hope to record a 55 per cent growth or more in exports but given the challenging economic environment, maintaining the growth as what we had achieved last year would be sufficient," he told reporters after the launch of MTBC here, Wednesday.
Last year, Malaysia's exports to Turkey rose by 54.5 per cent to RM3.8 billion from RM2.46 billion in 2014 while imports was worth RM1.85 billion against RM710.7 million in the previous year.
Dzulkifli said the inception of MTBC was timely following the Malaysia-Turkey Free Trade Agreement (MTFTA) that came into effect on Aug 1, 2015.
Under the MTFTA, both nations agreed to eliminate customs duties at approximately 70 per cent of the total tariff lines.
At the end of the total eight years of elimination period, Malaysia will eliminate 99 per cent of the tariff lines, while Turkey is set to eliminate 87 per cent.
Malaysia's major exports to Turkey last year were palm oil and palm-based products valued at RM1.08 billion; textiles, clothing and footwear (RM740.9 million); chemicals and chemical products (RM580.7 million); manufactures of metal (RM334 million) and rubber products (RM283.6 million).
Its main imports from Turkey were petroleum products valued at RM323.6 million; textiles, clothing and footwear (RM127.7 million); chemicals and chemical products (RM106.8 million); machinery, appliances and parts (RM103.2 million) and processed food (RM99.7 million).
For the January-February 2016 period, bilateral trade with Turkey doubled to RM1.21 billion from RM573.3 million registered in the same period in 2015, driven by exports that grew 136.9 per cent to RM1.04 billion during the period.
Source: Name News Network