The Ministry of Plantation Industries and Commodities said it is confident bilateral ties with Ankara will be further enhanced with the recent visit by Prime Minister Datuk Seri Ismail Sabri Yaakob to the republic.
- According to its Minister Datuk Zuraida Kamaruddin, she is confident that warmer ties between both countries will boost bilateral trade, especially the export of Malaysia’s commodities including palm oil. The Prime Minister’s latest visit has not only enhanced diplomatic ties, but it has also resulted in deepening relations between the business communities of both countries and boosted Turkiye’s confidence in Malaysian palm oil, she added. During the visit, it was noted that several MoUs were signed between the countries mostly on defense and export-related trade agreements.
- The Commodities Minister who visited Turkiye not long ago had similar trade-related meetings with the Turkish Minister of Trade Dr Mehmet Mus where topics delved into Malaysia’s intentions to intensify the downstream activities of its palm oil industry. In essence, Malaysia has also offered its expertise in natural rubber technology, mainly in seismic rubber bearings which are capable of absorbing earthquake tremors for the construction industry, including bridges and railways which are rapidly growing in Turkiye.
- Growth for Malaysian commodities will be enhanced with the tax exemptions treaty which was a result of the Malaysia-Turkiye Free Trade Agreement signed in 2019, which could facilitate discussions on making Turkiye a hub for Malaysian Agri
commodity products to Europe and Central Asia. In threats by Europe undermining palm oil use, the MPIC had clarified various issues pertaining to this and has called on Turkiye to support Malaysia in the face of prejudice against palm oil products. This was also followed by meetings with industry players in Ankara to promote Malaysia’s main Agri commodity products like palm oil, rubber, timber, cocoa, and pepper. - Turkey remains an important market for Malaysian Agri-commodities. In 2021, the trade value of Malaysian Agri-commodity products with Turkey was worth RM6.02 billion with an export value of RM5.99 billion. Exports of our Agri-commodity products to Turkey increased by 49.5% from RM4.01 billion in 2020.
- Four major Agri-commodity products exported to Turkey are palm oil-based products (RM4.38 billion), followed by rubber (RM1.29 billion) cocoa (RM304.5 million), and timber (RM8.43 million). The Minister adds the Ministry is confident the PM’s visit to Turkiye would further strengthen the relationship between the two countries built since 1964, thus boosting the country’s commodity exports.
