Ribbon reducing ceremony that formally opens the MIDA Istanbul Office in Turkey.
— Datuk Arham Abdul Rahman
ISTANBUL, TURKEY, September 30, 2022 /EINPresswire.com/ — MIDA’s latest workplace in Istanbul is ready to supply Malaysia and Türkiye new financial alternatives and drive the regular progress of Malaysia-Turkiye’s bilateral commerce relations. MIDA Istanbul will serve as a gateway for aspiring Turkish traders who want to broaden their companies in Malaysia and vice-versa. Investors will be capable of achieve entry to the newest data on funding insurance policies and alternatives, three way partnership partnerships or technological collaborations.
The launch of the MIDA Istanbul Office was officiated by the Malaysian Senior Minister and Minister of International Trade and Industry (MITI), the Honourable Dato’ Seri Mohamed Azmin Ali. Also current on the occasion had been MITI Secretary General, Datuk Lokman Hakim Ali; MIDA Chief Executive Officer (CEO), Datuk Wira Arham Abdul Rahman; MATRADE CEO, Datuk Mustafa Abdul Aziz; Consul General of Malaysia in Istanbul, YM Tengku Mohd. Dzaraif Raja Abdul Kadir; President of Invest in Türkiye, Mr. A. Burak Dağlıoğlu and Mr. Catagay Ozden, Head of Department South Asian Countries, Ministry of Trade, Türkiye.
Many business alternatives await Turkish traders, notably within the fields of equipment and tools, aerospace, ICT, digital funding, meals manufacturing together with the Halal phase. Over the years, many elements have enabled Malaysia to draw high quality investments, which embody its unmatched connectivity and business-friendly insurance policies. Furthermore, as Malaysia is centrally situated inside Southeast Asia, the nation serves as the prime gateway for Turkish traders to penetrate the ASEAN market. Similarly, Türkiye can also be strategically situated on the crossroads of Europe, Central Asia, Middle East and North Africa. Malaysian firms may think about using Türkiye as a base to faucet into the big European market as properly as the rising markets of Central Asia and the Middle East.
The Honourable Dato’ Seri Mohamed Azmin remarked, “The establishment of MIDA’s office in Istanbul serves two very fundamental and critical purposes. First, it plays an instrumental role as a gateway for businesses who wish to expand their commercial interests and investment horizons in Türkiye and beyond, including adjoining regions such as the Middle East and the European Union. This will be in tandem with Malaysia’s initiative in enhancing our cross border investments. Secondly, but no less significantly, this office will act as a magnet to draw greater investments from Türkiye and the region into Malaysia, and thereby leverage our position as a springboard for expansion in the ASEAN region and beyond.“
“Hence, the opening of MIDA’s office in Istanbul is most timely in order to fully exploit the potential upside for enhanced Turkish investments in manufacturing and services, particularly in the areas of advanced manufacturing, machinery and equipment, aerospace, digital investment, ICT and food manufacturing including the Halal segment. This is in tandem with our National Investment Aspirations (NIA). I would like to underscore that our growth policy also prioritises the imperative of ensuring that SMEs ride on the value and supply chain. These initiatives will also empower companies and businesses to automate their processes, and be cost-efficient in meeting industry demands while mitigating social and environmental impacts.“ added the Honourable Dato‘ Seri Mohamed Azmin.
In terms of Türkiye’s investments in Malaysia, as of June 2022, a total of 14 manufacturing projects were approved with total investments worth RM525.2 million (USD156.3 million). Among the sectors of the approved manufacturing projects include scientific and measuring equipment, textiles and textile products, chemical and chemical products, food manufacturing, and electrical and electronic products. Four manufacturing projects with Turkish investments worth RM377.93 million (USD111.6 million) have been implemented in Malaysia.
Meanwhile, MIDA CEO, Datuk Wira Arham Abdul Rahman in his welcoming speech, said, “Apart from helping MIDA to attract new investment opportunities into Malaysia, the country is looking for new collaborations to grow together and the launch of MIDA’s office in Istanbul will help us extend our outreach programmes with trading partners of Türkiye, which includes countries like Russia, Greece, Cyprus, Azerbaijan, Georgia and the 7 “Stan” countries in Central Asia. We also aspire to promote Malaysia’s culture, warm hospitality and other diverse elements of our country to new communities and societies.”
“I am confident that opening the MIDA Istanbul Office will further enhance bilateral trade between the two countries and cross-border investments between Türkiye and Malaysia. Turkish investors who are interested in seeking joint venture partnerships or technological collaborations with Malaysian businesses, can get all the necessary information from this office.” he additionally added.
In applauding the strategic partnership with MIDA, Mr. A. Burak Dağlıoğlu, President of Invest in Türkiye mentioned, “Türkiye and Malaysia are regional business hubs for their respective regions. Over the years, Malaysian companies have invested approximately USD1 billion in Türkiye. These investments are mainly in energy, finance, infrastructure and transportation, retail, and healthcare. We also see investment potentials in technology entrepreneurship and Islamic finance. With the implementation of the Free Trade Agreement in August 2015, our total trade volume has doubled to USD3.5 billion in just six years. As we have an office operating in Kuala Lumpur, Malaysia, we are delighted to welcome our esteemed counterpart MIDA to open its office in Istanbul, Türkiye which will enhance our collaboration and partnership. This undoubtedly will contribute to the increased bilateral trade volume and investments between the two countries.”
Companies which have benefited significantly from the prevailing financial relations between Malaysia and Türkiye contains:
TUSAS (Turkish Aerospace Industries) Malaysia Sdn. Bhd. at present has 20 personnel and the numbers are increasing, which can hit 100 by the top of 2022. With its Malaysian workplace situated in Cyberview, Cyberjaya, TUSAS goals to hold out new joint tasks within the aerospace business the place the primary undertaking they began was the flight management pc for HÜRKUŞ Advanced Trainer Aircraft. TUSAS has additionally signed an MOU with UniKL and University of Malaya, the place 10 college students have already accomplished their internship programme on the Turkish Aerospace Headquarters at Ankara, Türkiye final summer season.
“We have always been in contact with MIDA and they are helpful in every situation, and we are glad that they decided to launch an office in Istanbul, Türkiye. We are certain that this office will open new avenues for collaboration between Türkiye and Malaysia.” mentioned Prof. Dr. Temel Kotil, President and CEO of TUSAS.
Meanwhile, Evyap Sabun Malaysia Sdn. Bhd. which was integrated in 2011, is a wholly-owned subsidiary of Türkiye-based Evyap Group, a longstanding and well-established private care product producer with a sturdy market presence in Türkiye, Middle East and Commonwealth of Independent States (CIS) areas. Their vertically built-in oleochemicals manufacturing plant is situated in Pasir Gudang, Johor Bahru.
“Evyap Group is continuing to undertake additional investments in Malaysia’s oleochemical and personal care industry, which includes specialty oleochemicals, oleic acid capacity expansion and crystal soap production line. We are also looking at potential additional investments in the region for which various options are currently being explored.” mentioned Mehmed Evyap, Executive President of Evyap.
For the primary half of 2022, Malaysia attracted a whole of RM123.3 billion (USD28.0 billion) value of accredited investments within the manufacturing, companies and first sectors involving 1,714 tasks for the interval of January to June 2022 and is predicted to create 57,771 job alternatives within the nation. FDI remained the key contributor, at 70.9 p.c or RM87.4 billion (USD19.9 billion), whereas investments from home sources contributed 29.1 per cent amounting to RM35.9 billion (USD8.2 billion). With the newly launched MIDA Istanbul Office, Türkiye will little doubt contribute immensely to the socio-economic growth and produce about new progress areas into Malaysia’s funding panorama.
Mr. Faizal Jalaludin
Malaysian Investment Development Authority
+60 3-2267 6650
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