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Posted On: 12/11/2011
As the Eurozone crisis is continuing to rumble on, and the MENA region still faces uncertainties due to the Arab Spring, Turkey is looking beyond traditional business partners and is exploring new opportunities in the Far East.
It is strengthening its ties with Malaysia, as the two countries hope to see greater cooperation in investment and trade, and hope to increase linkages in the Islamic financial industry.
Turkey is currently enjoying an excellent position as GDP growth is predicted to be 6% for this year, and the country is enjoying political stability as the current government was recently returned to power in a landslide election. Turkey also managed to weather the recent economic crisis far better than many countries as it used the lessons learned during its own financial crisis in 2001.
The Malaysian prime minister recently visited Turkey to meet his Turkish counterpart, and it was agreed to set a new target for bilateral trade between the two countries.
There are plans to increase the trade from the current $1.3 billion to $5 billion, and Turkish investors and financial institutions would be able to use Malaysia as a gateway to south-east Asia, while Malaysian financial institutions will be able to use Turkey as a gateway to Europe and Central Asia.
The governments of both countries are currently working on signing the bilateral trade agreement as well as a double tax treaty. Up until now Turkey hasn't had extensive relations with other Muslim countries outside the MENA region as its attention has been focused on membership of the European Union and the GCC markets.
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