PHL sees investments from Turkey after business mission

A recent business mission to Ankara has left Philippine trade officials optimistic about investments from Turkey. The business mission aimed to entice Turkish investors in the Philippines and at the same time spur economic bilateral relations, said Trade Undersecretary Cristino Panlilio on Monday. During the mission, Panlilio urged members and officials of the Union of Chambers of Commodity Exchanges of Turkey to explore trade and investment opportunities in the Philippines. “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,” Panlilio said at the forum. Aside from the country’s strategic business location, Panlilio also mentioned the country's other major advantages such as the rich talent pool, business supportive government, first-class lifestyle and attractive investment incentives. 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 producers in Turkey. Turkey is one of the fastest-growing economies in the world, with a gross domestic product growth rate of 8.5 percent in 2011.  It also recently became one of the world’s GDP trillionaires, with $1.087 trillion in 2011. From 2007 to 2011, total trade between the Philippines and Turkey has been increasing by 7.8 percent. Total Philippine exports to Turkey amounted to $33.9 million in 2009, $61.88 million in 2010, and 66.37 million in 2011. — KBK, GMA News