Tuesday, November 20, 2007 Biz groups eye Turkish market
SEVERAL business groups in Cebu have expressed willingness to tap the huge business opportunities in Turkey following the invitation from a Turkish official to forge trade relationships between both countries.
“We are planning to pursue a trade mission to Turkey, in partnership with the embassy in the Philippines,” said Cebu Chamber of Commerce and Industry president Francis Monera.
Turkish Ambassador to the Philippines Adnan Basaga met with the Cebu business community, including players in the export and tourism industries, last week to discuss feasible partnerships between Turkish and Cebuano traders.
In his speech to local stakeholders, Basaga said the economy of Turkey, considered the 17th biggest in the world, is now worth $320 billion.
He cited tourism revenues alone have reached $16.2 billion in 2006. The country has recorded 22 million tourist arrivals every year.
“The trade volume between the Philippines and Turkey is only $170 million. It is far from its potential of $160 billion. We can enlarge it through certain cooperation from different sectors,” Basaga said.
The Cebu Furniture Industries Foundation (CFIF), for its part, has expressed interest to capitalize on the invitation from the Turkish Government as the group is willing to conduct a market study on the preference of Turkish nationals in terms of furniture products.
CFIF is a group of local furniture manufacturers and exporters consisting of 162 manufacturers and 12 subcontractors.
In an interview with reporters, CFIF former president Michael Basubas admitted Cebu furniture exporters have not “fully considered” Turkey as a viable market since exporters have become highly dependent on the US market, which make up the bulk of Cebu furniture exports.
“Turkey is a good alternative market for us, especially since the US market has continued to soften. But we still have to study their (Turks) preference in high-end furniture,” said Basubas.
Basubas said he believes that, through active marketing efforts, Turkey will be a good alternative market for furniture exporters.
At present, he said only a few of Cebu-based furniture export items are shipped to Turkey. These are mostly stone craft products.
However, Basubas said what furniture players from Cebu can initially do is to tap the institutional market in Turkey, especially for outdoor furniture requirements for hotels, resorts and restaurants, among others.
To provide Turks a glimpse of the high quality furniture exports from Cebu, Basubas said CFIF is planning to invite Basaga and Turkey trade attaches to the International Furniture and Furnishings Exhibition or Cebu X 2008.
In a related interview, Turkey commercial counselor for the Philippines O. Asim Aksoy said he is optimistic that furniture export products from Cebu— which have gained several international recognitions--have the potential to attract the Turkish market.
Aksoy said among the Philippine products imported by Turkey are machinery and a growing amount of food products.
On the other hand, Turkey exports ships, boats, tobacco and man-made staple fabrics to the Philippines, he added.
Meanwhile, to further strengthen economic ties with other countries, Turkey is currently negotiating with the European Union Commission to become a full member of the bloc, Basaga said. (MMM)
