PM: Malaysia-Turkey bilateral trade value to increase to RM16.3b in 5 years

(NST) –  Prime Minister Datuk Seri Najib Razak said literal trade between Malaysia and Turkey is targeted to increase from the current value USD1.5 billion (RM 4.8 billion) to USD 5 billion (RM16.3 billion) in five years time.

Speaking at a joint press conference with Turkish prime minister Recep Tayyip Erdogan in Perdana Putra here this afternoon, Najib said the plan to increase trade value was the result of a strategic partnership framework agreement signed by the two leaders.

The two countries, he said, were also working to cancel visa requirements and were going to finalise the two-way free trade agreement (FTA) this April.

Malaysia is also looking into receiving inbound flights from Turkey at least once per day, compared to the current four weekly flights.

“Our discussions covered areas of cooperation field of Islamic finance, tourism, cultural exchange, cooperation in third (party) countries via Petronas,” Najib said.

Erdogen, who arrived here yesterday for a day-long official visit today, said both governments took the joint decision to increase trade value as Malaysia had its Vision 2020 objectives to meet, and Turkey similarly had its 2023 targets to achieve.

“We can join forces to work towards these objectives by increasing our trade and cooperation to new heights,” Erdogan said.

Erdogan added the two countries had countless opportunities in the energy field, defence, automotive, and Information communication Technology sectors and achieve great things in infrastructure.