DTI sends business mission to Turkey
The Department of Trade and Industry (DTI) recently sent a business mission to Ankara, Turkey to put forward the Philippines as a business destination, spur economic bilateral relations and seek business opportunities between the two countries.
“The Philippines is strategically located in the fastest growing region and flanked by two great trade routes – the Pacific Ocean and the South China Sea – the Philippines is considered an ideal base for business,” DTI Undersecretary Cristino L. Panlilio said during the business forum held in Ankara, Turkey.
During this forum, Panlilio urged the members and officials of the Union of Chambers of Commodity Exchanges of Turkey (TOBB) to explore trade and investment opportunities in the Philippines. Together with the Philippine Business delegation, he led the Philippine business delegation that went to Ankara and Istanbul from October 3 to 8, 2012.
Panlilio also presented the magical ten (10) indicators of growing Philippine economy such as the unprecedented growth in our stock market, stable and resilient economic growth, continuous inflow of overseas Filipino workers remittances, steady export growth despite the global economic slowdown, 22 percent Increase in the Board of Investments (BOI) investment approvals in 2011 (P369 Billion), robust, stable domestic financial sector coupled with credit growth, efficient revenue collection effort and improving global competitiveness ranking.
“The country’s location is a critical entry point to over 600 million people in the ASEAN 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 3 to 4 hours by plane,” Panlilio added.
Aside from the country’s strategic business location, Panlilio also noted that other major advantages such as that the country’s rich talent pool, business supportive government, first-class lifestyle and attractive investment incentives. These qualities have made the Philippines an attractive investment location for many international companies.
“On the country’s physical infrastructure, the three main islands of Luzon, Visayas and Mindanao are made accessible by a network of roads, waterways and airports,” Panlilio said.
The Philippines has 9 international and 20 domestic airports, 12 roll-on and roll-off ports, and three connecting railways spanning across Metro Manila. It also has newly constructed major roads such as the 94-kilometer four-lane Subic-Clark-Tarlac Expressway (SCTEX), the 84-kilometer North Luzon Expressway (NLEX), the 42-kilometer Southern Tagalog Arterial Road (STAR) Tollway and Cavite Expressway (CAVITEX).
“We also currently have a number of operating economic zones and (information technology) IT parks equipped with support capabilities that make a company locate its business with ease. As of March 2012, we have 258 operating economic zones, which are composed of 64 manufacturing economic zones, 36 information technology parks, 128 IT parks, 16 agro-industrial center, 12 tourism economic zones and 2 medical tourism parks and centers.
The Philippine Embassy in Ankara and the Turkish Chamber of Commerce and the Philippines together with the Turkish Embassy in the Philippines prepared an itinerary for the business delegation from the Philippines. Business matching activities were arranged with three trade organizations namely, Union of Chambers of Commodity Exchanges of Turkey (TOBB), Federation of Anatolian Businessmen (ANFED) and the Confederation of Businessmen and Industrialist of Turkey (TUSKON).
The business delegation also visited several Turkish companies, namely, Hidromek, a manufacturer of loaders and backhoe, Seymen Kardesler, a company specializing in fruit jams, and Atmaca Electronik, a producer television and satellite receiver with the Sunny brand and one of the biggest electronics producer in Turkey. Likewise, Panlilio visited the Edis Embil a Turkish company that has a manufacturing tie up with a Philippine pharmaceutical company.
Turkey is one of the fastest growing economies, with a gross domestic product (GDP) growth rate of 8.5 percent in 2011. It also recently became one of the world’s GDP trillionaires, with US$1.087 trillion GDP in 2011.
From 2007 to 2011, total trade between the Philippines and Turkey has been increasing by 7.8 percent. Philippine exports to Turkey have been increasing from 2009 to 2011. Total Philippine exports to Turkey amounted to US$33.9 million in 2009, US$61.88 million in 2010, and US66.37 million in 2011. (end)