PCCI Meets with Business Delegation from Turkey

In photo: Mr. Oscar de Venecia, Vice Chair of PCCI International and Trade Affairs, Mr. Irfan Karabulut, TCCI President; Atty. Miguel Varela, PCCI President; Ms. Imran Er, Commercial Councilor, Embassy of Turkey; Mr. Ernesto Chua, Chairman of the Philippine-Turkish Business Council; with members of PCCI and the Turkish Delegation.

The Philippine Chamber of Commerce and Industry, (PCCI) met with a group of Turkish businessmen at the PCCI Office in Taguig City last January 5, 2012. Mr. Irfan Karabulut, President of the Turkish Chamber of Commerce of the Philippines, Inc. (TCCP), led the delegation which was composed of more than 25 businessmen in the areas of Construction, Law, Finance, Food, Medicine & Healthcare, Television, and Education. A Turkish Congressman was also present.

Atty. Miguel Varela, PCCI President welcomed the delegation and emphasized that the visit is not only significant in terms of gaining better knowledge and understanding of the country and potentially meet new business partners but to turn these into concrete business undertakings. He further encouraged the delegation to visit the numerous tourist sites of the country.

PCCI in recent years, through the bilateral business councils, has been organizing roadshows, highlighting lucrative business opportunities beyond the traditional markets of the Philippines. Among the countries PCCI has promoted to include the Latin American countries, the Middle East countries, Russia and Turkey. Potential areas are in food and agriculture-related industries, organic chemicals, electronics, motor vehicle parts and accessories, construction, education, finance and health services.

Turkey is seen to become the 15th largest economy in the world from 2011-2017. It is the 6th largest economy among the 27 EU countries. The Philippines and Turkey have been enjoying productive and meaningful gains for both –US$100M worth of exports from Turkey to Philippines in November last year and about US$116M exports to Turkey. Mr. Ernesto Chua, Chairman of the Philippine-Turkish Business Council of PCCI and Mr. Karabulut stressed that there are a lot of business possibilities our two countries will be potentially inclined to undertake and will result to more opportunities.

Director Nestor Arcansalin of the Industry Studies Department of the Board of Investments presented the investments opportunities available for Turkish businessmen. Preferred activities are in the areas of: Agriculture/ Agri-business and Fishery, Creative Industries/Knowledge-Based Services, Ship Building, Mass Housing, Energy, Infrastructure, Green Projects, Tourism, Disaster Prevention, Mitigation and Recovery Projects, to name a few. He also enumerated the incentives offered to investors which include Income Tax Holiday, Income Tax Bonus, Special Tax Rate of 5% on Gross Income, Importation of Capital Equipment Spare Parts and Supplies, Export Tax Duty, among others.

Both sides encouraged their respective private sector to engage in mutually beneficial projects that will lead to more business activities and opportunities in the future.