Singapore, Turkey bolster trade ties

The Forum, which was presented by the Singapore Business Federation (SBF), Turkey's Ministry of Economy, the Turkish Exporters Assembly and the Istanbul Exporters Association comes on the back of the establishment of IE Singapore's 36th Overseas Center in Istanbul in May this year.

The event featured key insights on Turkey's economic progress to date as well as showcased emerging business and investment opportunities for Singapore's business community to tap.

"As communicated by Mr. S Iswaran, Singapore's Second Minister for Trade and Industry, Turkey and Singapore are similar in the sense that both are placed at the crossroads of trade activity. Hence, nurturing the economic relationship with Turkey will help open opportunities to the Middle East and Central Asia, and this is not only timely but crucial for Singapore businesses amid a period of slow growth in developed economies," said Mr. Satish Bakhda, Rikvin's Head of Operations.

Bilateral trade between Singapore and Turkey has grown by as tellar 79%, registering S$2.21 billion (US$1.78 billion) in 2011, up from S$1.2 billion (US$966 million) a year prior. To date, there are 500 Turkish citizens residing in Singapore and over 50 Turkish companies that have opted for Singapore company registration.

Additionally, the Singapore Embassy in Ankara will also be launched later this year. Following the forum, both countries have expressed interest to discuss details of a Free Trade Agreement (FTA) framework. "In light of this and with the existing air transport connectivity, Turkish enterprises are in good stead to tap Singapore's position as Asia's business epicenter and gateway to the region's emerging markets. Both Turkey and Singapore share a confluence of economic ideals such as sophisticated infrastructure, high-quality workforce, liberal investment climate and extensive network of FTAs. Like Turkey, Singapore too has an attractive corporate tax framework."