Turkey-Malaysia to increase bilateral trade to US$5bil in 5 years

  • Business
  • Friday, 10 Jan 2014

PUTRAJAYA: Turkey and Malaysia are both targeting to increase bilateral trade by more than two-fold to US$5bil in five years from US$1.5bil at present, said Turkish Prime Minister Recep Tayyip Erdogan.

"There are countless opportunities for us and we can take joint steps to explore the energy, automotive, information and communication technology and infrastructure fields. 

"Malaysia and Turkey are now in the spotlight given their rising economies which is attracting a lot of investment potential," Erdogan said after holding bilateral talks with Prime Minister Datuk Seri Najib Tun Razak here on Friday.

Describing his two-day visit as fruitful, Erdogan said both leaders have agreed to issue a joint declaration on the framework for strategic cooperation between Malaysia and Turkey. 

"We just signed a strategic cooperation action plan document which would pave the way for cooperation in the coming years. "Malaysia has become the fifth country to sign this high-level strategic document with us after China, South Korea, Indonesia and Japan," he added.

The joint declaration essentially outlines the possible areas of cooperation for both countries in trade and investment, defence, tourism, sports and youth, energy, culture and higher education. 

Erdogan is on a two-day working visit to Malaysia from yesterday. The visit is significant as it marks the 50th anniversary of Malaysia-Turkey diplomatic relations established in 1964. 

Earlier, Najib and Erdogan signed a declaration on the Framework For Strategic Cooperation between Malaysia and Turkey.

To underscore the confidence in the Turkish economy and Erdogan's leadership, Najib said Khazanah Nasional Bhd, the government's investment arm, had already invested US$1.5bil in Turkey. 

"The investment includes US$1.1bil in the Turkish healthcare industry. We will also provide whatever assistance to facilitate the increase of investments from Turkey into Malaysia," he said. 

He said Khazanah, through MALAYSIA AIRPORTS HOLDINGS BHD (MAHB), would invest another US$300mil to increase its share equity to 60% in the second Turkey International Airport project in Istanbul. - Bernama

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