MANILA, Philippines - The Bases Conversion and Development Authority (BCDA) has signed with a Turkish business confederation a cooperation agreement which is expected to pave the way for investments in production and distribution.
The agreements signed with the Turkish Confederation of Businessman and Industrialists (TUSKON), one the biggest business confederations in the world, also provides for mutual assistance in international trade events and market research missions.
TUSKON is an umbrella organization for 162 business associations in Turkey with a net worth of $750 billion.
“The agreement would bring in investors to the Philippines and position the country as a distribution and production hub in the Pacific,” said BCDA in a statement.
The agreement was signed between TUSKON president Rizanur Meral and BCDA president and CEO Arnel Paciano Casanova during the recently held Turkey-World Trade Bridge Summit held in Istanbul.
The signing was witnessed by Turkey’s economic minister Zafer Caglayan.
The pact also provides for educational exchanges between the Philippines and Turkey by welcoming delegations of students between the two countries.
“The agreement positions the Philippines and the BCDA Group as the gateway for production and distribution in the whole of Southeast Asia,” said Paciano Casanova.
Casanova was recently elected as chairman of the Steering Committee for the Philippine Investment Promotion Plan (PIPP), an integrated investment promotion program of the country’s 13 investment promotion agencies formed to enable the government to achieve its P870 billion investment target for the year.
BCDA noted that Turkey is set to become the 15th largest economy in the world within the next five years and is currently the 6th largest economy among the 27 European Union countries.
Turkey has been exploring partnerships with several countries including the Philippines to step up trade partnerships and reduce its dependence on traditional trading partners.
Early this year, Turkish businessmen expressed interest in investing in the Philippines particularly in construction, healthcare, education, food and medicine.
The Philippine Chamber of Commerce and Industry (PCCI) has also been exploring business opportunities with Turkey.
Philippine exports to Turkey as of November last year reached $116 million, while imports from Turkey reached $100 million.
“The agreement takes the partnership a step further by bringing in more investments from Turkish businessmen. These investments would translate to more employment opportunities for the Filipinos and revenues for the Philippine government,” said Casanova.