A BUSINESS delegation composed of 11 Turkish companies based in Guangzhou, China have expressed an interest in relocating their operations to Cebu, given the quality of Filipino talent and a more labor-friendly environment.
According to Cebu Chamber of Commerce and Industry (CCCI) president Ma. Teresa Chan, the Turkish delegation led by Irfan Karabukut, former president of the Turkish Chamber of Commerce and Industry, was in Cebu for an investment exploration and business matching for a week.
“The group met with several potential business partners while some scouted for possible locations of their businesses,” said Chan. The business matching was hosted by CCCI.
She noted that despite infrastructure problems and business policies that still need to be refined, Cebu remains to be an attractive destination for foreign investments.
“It is still good to relocate or invest here because Cebu will grow. We are doing something about our problems,” said Chan, referring to problems on road networks and port congestion, among others.
The increasing labor wage and the rising costs of doing business in China have prompted foreign businessmen to scout for other locations, including the Philippines, a country known for its English-speaking people, young demographics and cheaper labor.
The Turkish delegation represent industries like electronics, power, agriculture, construction, academe, green house technology, violin manufacturing, high-rise condominium builder and textile.
“The inbound trade mission was a success. In fact, it has reaped potential ventures. A violin manufacturing company, for example, expressed interest to build a manufacturing plant for guitars here to complement its expertise in violin production,” said Chan.
The trade mission was a result of the outbound trade mission of the CCCI in Turkey last November 2015.