KUALA LUMPUR: Turkey expects its bilateral trade with Malaysia to increase to US$2 billion this year from US$1.75 billion last year, driven by the huge potential in the construction sector and the signing of the free trade agreement (FTA) expected by mid-year.
Commercial counsellor of Turkish Embassy here, Hasan Onal, said from the total, imports from Malaysia were expected to be US$1.8 billion while exports to Malaysia US$225 million.
“Turkey’s construction industry is the second biggest in the world, after China and capable and experienced Turkish firms should be given the opportunity to participate in Malaysia’s infrastructure projects,” he told a media briefing here today.
He said the FTA would attract businessmen from both countries to team up.
“After the FTA is signed, we forecast our bilateral trade to reach up to US$5 billion,” Onal said.
He said the other great potential sectors, beside construction, were energy, Islamic finance, automotive and food.
Last year, Turkey’s exports to Malaysia totalled US$183 million while its imports from Malaysia amounted to US$1.57 billion.
Among the main export items to Malaysia were mineral oil, iron and steel, boron and borate, machinery, tobacco and transformers while the main import products from Malaysia were palm oil and palm products, rubber and rubber products and yarn. – Bernama