PHL signs agreement to bring in Turkish investors

The Bases Conversion and Development Authority (BCBA) has entered into an agreement with the Turkish Confederation of Businessmen and Industrialists (Tuskon), considered one of the biggest business confederations in the world.

The agreement is expected to bring in more investors to the country and promote it as a business hub in the Pacific, 

Turkey is the sixth largest economy in the European Union, and Tuskon is the umbrella organization of business associations and business people in Turkey, with a net worth of $750 billion. 

 

“The agreement positions the Philippines and the BCDA Group as the gateway for production and distribution in the whole of Southeast Asia,” said BCDA president and chief executive Arnel Paciano Casanova, who added that the agreement “cemented a relationship between the Philippines and Turkey in facilitating trade between the two breakout economies of the world.”

 

Casanova signed the agreement with Tuskon president Rizanur Meral at the annual "Turkey-World Trade Bridge" summit in Istanbul organized to develop ties between Turkish and foreign firms.

 

According to a report by the Philippine Chamber of Commerce and Industry, Turkish businessmen have expressed interest in investing in the Philippines, particularly in construction, healthcare, education, food and medicine, and the two countries have been benefiting from their bilateral trade.

 

Last year, the Philippines exported $116 million worth of products to Turkey and imported $100 million worth of Turkish goods in return. — AE/DVM, GMA News