DTI urges Turkish firms to look at Phl

MANILA, Philippines - The Department of Trade and Industry (DTI) is urging Turkish firms to explore trade and investment opportunities in the Philippines, citing the country’s growing economy, strategic location as well as its rich talent pool.

The DTI sent a business mission to Ankara, Turkey, recently to spur economic bilateral relations and seek business opportunities.

During the business mission, Trade undersecretary Cristino Panlilio urged members and officials of the Union of Chambers of Commodity Exchanges of Turkey to look into trade and investment opportunities in the Philippines.

He said the Philippines is a good place to invest given its favorable economic conditions.

He cited some indicators of the growing Philippine economy such as the unprecedented growth in the stock market, stable and resilient economic growth, continuous inflow of overseas Filipino workers remittances, as well as the steady export growth despite the global economic slowdown.

He noted that the country also has a robust and stable domestic financial sector, efficient revenue collection effort and improving global competitiveness ranking.

He said Turkish businesses must likewise consider the Philippines for their investments given its strategic location.

“The country’s location is a critical entry point to over 600 million people in the ASEAN (Association of Southeast Asian Nations) market and a natural gateway to the East Asian economies. The country is likewise placed at the crossroads of international shipping and airlines. Within Asia, the Philippines is reachable within three to four hours by plane,” he said.

The country’s three main islands, Luzon, Visayas and Mindanao, he said, are also made accessible by a network of roads, waterways and airports.

Aside from the Philippines’ strategic business location, he said the country also has a rich talent pool.

He said the government is likewise very supportive of businesses here and offers attractive investment incentives.

“We also currently have a number of operating economic zones and IT (information technology) parks equipped with support capabilities that make a company locate its business with ease,” he said.

Turkey is one of the fastest growing economies, with a gross domestic product growth rate of 8.5 percent last year.

From the years 2007 to 2011, total trade between the Philippines and Turkey has been rising by 7.8 percent.

The DTI noted that total Philippine exports to Turkey which amounted to $33.9 million in 2009 have risen to $61.88 million in 2010, and even climbed further to $66.37 million last year.