Malaysia has huge potential to become Turkiye’s trading hub in Asean

Malaysia has huge potential to become Turkiye’s trading hub in Asean

07 Jul 2022

Malaysia has huge potential to become Turkiye’s major trading partner and the republic’s gateway and trading hub into Asean.

Prime Minister Datuk Seri Ismail Sabri Yaakob said the two countries are now in the final round of the Malaysia-Turkiye Free Trade Agreement (MTFTA) scope expansion negotiations which covers new sectors such as investment, services, and e-commerce.

“In terms of investment, I appreciate the confidence of Turkish investors in Malaysia. I am also confident the MTFTA scope expansion would open up more two-way investment opportunities,“ he said in a Joint Press Conference with President Recep Tayyip Erdogan at the Presidential Complex here, today.

Earlier, Ismail Sabri who is on a four-day official visit to Turkiye held a four-eye meeting with Erdogan, followed by a meeting between the Malaysian delegation and Turkiye.

The Prime Minister said he had informed the Turkish leader that during this visit, he took the opportunity to meet key industry players of both countries to explore and enhanced investment cooperation.

Currently, Malaysia’s major investments in Turkiye cover healthcare and energy sectors, and as an airport operator, he said.

According to the Prime Minister, the management of the Istanbul Sabiha Gokcen International Airport by Malaysıa Aırports Holdıngs Bhd (MAHB) is a testament to the success of a Malaysian company in Turkiye.

During the meeting, both leaders also discussed the potential for Turkiye to increase the import of Malaysia’s palm oil.

“Turkiye is a hub for the production of palm-based products for the markets in continental Europe and the Middle East,” said Ismail Sabri.

He further said that Turkiye is intensifying the usage of bıodiesel as fuel in the transportation sector while Malaysıa had started the production of palm oil-based biodiesel in line with the objective of producing environmentally friendly energy sources.

On Islamic finance, Ismail Sabri said he and Erdogan had agreed for Malaysia and Turkiye set up Islamic digital banking to explore the huge potential of the sector in the republic.

Boustead Holdings Bhd and Turkiye’s Great East Capital (GEC) have teamed up to establish the republic’s first Islamic digital banking to tap the huge potential of 85 million population.

On Tuesday, Boustead Holdings and GEC announced that the parties would forge cooperation to establish the republic’s first Islamic digital banking to tap into the huge potential of its 85 million population.

Turkiye is Malaysia’s third-biggest trading partner in the Middle East, after Saudi Arabia and the United Arab Emirates, with total trade between the two countries recording RM16.97 billion (US$4.09 billion) in 2021, and projects implemented worth RM444.59 million (US$130.91 million).

Ismail Sabri is accompanied on the visit by Foreign Minister Datuk Saifuddin Abdullah, Senior International Trade and Industry Minister Datuk Seri Mohamed Azmin Ali, Science, Technology and Innovation Minister Datuk Seri Dr Adham Baba, Minister in the Prime Minister’s Department (Special Functions) Datuk Dr Abdul Latiff Ahmad, Chief of Air Force Gen Tan Sri Mohd Asghar Khan Goriman Khan, and Chief of Army Gen Tan Sri Zamrose Mohd Zain.

Source: Bernama