PH, Turkey to boost trade, economic cooperation

The Philippines and Turkey are set to kick off their Joint Committee for Trade, Economic and Technical Cooperation (JCTEC) on Tuesday to discuss strengthening of bilateral trade and economic cooperation. (Pixabay photo)

MANILA — The Philippines and Turkey are set to kick off their Joint Committee for Trade, Economic and Technical Cooperation (JCTEC) on Tuesday to discuss strengthening of bilateral trade and economic cooperation.

In a statement, the Department of Trade and Industry (DTI) said the two governments will have the inaugural JCTEC in Ankara, Turkey.

The Philippine trade delegation to Ankara is led by DTI Secretary Ramon Lopez, along with other government officials.

During the JCTEC, DTI Undersecretary and Board of Investment Managing Head Ceferino Rodolfo and the Head of Investment Services Department at the Investment Support and Promotion Agency under the Turkey Prime Ministry, Mustafa Rumeli, will be signing a memorandum of understanding (MOU) on exchanging information in investment environment and opportunities.

Under the MOU, the two countries will share best practices in investment promotion and in attracting foreign investments.

The Philippines and Turkey will support investment facilitation for their local companies eyeing to set up their businesses in the other country.

There will also be a Philippine trade mission to Turkey which involves executives from the Philippine Chamber of Commerce and Industry, Philippine-Turkish Business Council, United Architects of the Philippines, Integrated Micro-Electronics Inc., Malabon Longlife Trading Corp., Megawide Airports Group & GMR-Megawide Cebu Airport Corp., Philippine Food Service Equipment & Supplies, and Great Crescent Flour Corp.

Meanwhile, the delegation will also have a trade mission to Hungary following their visit to Turkey.

Hungarian Minister of Foreign Affairs and Trade Peter Szijjarto will be meeting the Philippine trade mission.

The delegation aims to promote trade and investment opportunities in Hungary the Philippines’ manufacturing sub-sectors of machineries, medical devices, automotive parts, aerospace, pharmaceuticals, food and agri-business, infrastructure and shared service.

The Philippine mission to Ankara and Budapest runs from Feb.5 to 9.