Turkey, Malaysia have $11.7 bln trade potential

ISTANBUL - Anatolia News Agency

Economy Minister Zafer Çağlayan hugs Malaysian International Trade and Industry Minister Dato Mustapa Mohamed at the Turkey-Malaysia Business Counil. AA photo

The trade volume between Turkey and Malaysia has the potential to hit $11.7 billion, from the current volume of $1.7 billion, Economy Minister Zafer Çağlayan said Oct. 12 at the Turkey-Malaysia Business Council meeting.

He said that although total foreign trade of both countries was more than $776 billion, the trade volume between the two countries was only $1.7 billion, adding that the two countries would be working to increase their trade volume to $5 billion in the shortest possible period of time.

“Turkey and Malaysia complete each other with regards to their industrial structure and would become more powerful [with more business between] the industries of both countries,” Çağlayan said.

Turkey has attracted $120 billion of foreign direct investment in the past eight years, he stressed, adding, “I hope Malaysian businessmen will make good use of opportunities in Turkey.”

According to Çağlayan, Turkish and Malaysian businessmen would benefit from a free trade agreement between the two countries, and such an agreement should be signed as soon as possible.

“Both Turkey and Malaysia should know that the economic currencies in the world have changed course. Developed countries can no longer sell goods to developing countries and they will not be able to that in the future either. Emerging markets, including Turkey and Malaysia, will take important places in the world [in the future],” he said, adding that there was increasing need for global cooperation to weather the ongoing global economic crisis.