“We are one of the few countries that have been able to achieve an average annual growth rate of around 5% in the last 20 years”

 

Addressing the Türkiye-Malaysia Business Forum, President Erdoğan said: “The Turkish economy continues to grow despite the conflicts and wars in our region and the major earthquake we experienced in 2023, which was the disaster of the century. We are one of the few countries that have been able to achieve an average annual growth rate of around 5% in the last 20 years.”

President Recep Tayyip Erdoğan made a speech at the Türkiye-Malaysia Business Forum.

“Last year, we marked the 60th anniversary of the diplomatic relations between Türkiye and Malaysia; however, the ties of friendship and brotherhood between the two countries have a deep-rooted history dating back 500 years. On this solid foundation inherited from our ancestors, we have now built excellent relations in every area and elevated our cooperation to the strategic partnership level,” President Erdoğan noted.

“WE HAVE DOUBLED OUR SHARE IN WORLD EXPORTS”

President Erdoğan said: “Today, my brother Anwar Ibrahim and I reached a decision for the establishment of the High Level Strategic Cooperation Council between our respective countries. Needless to say that the business world serves as the engine of this strong partnership.”

“As a country located at the intersection of three continents, we attach great importance to fostering financial and trade partnerships that are influential both in our region and across the world. The Turkish economy continues to grow despite the conflicts and wars in our region and the major earthquake we experienced in 2023, which was the disaster of the century. We are one of the few countries that have been able to achieve an average annual growth rate of around 5% in the last 20 years,” President Erdoğan stated. “In the last 20 years, we have invested nearly 300 billion dollars in infrastructure, and our exports have increased more than 20 times in 20 years. We have doubled our share in world exports. As a result of our transparent, predictable and investor-friendly policies, we have attracted nearly 270 billion dollars’ worth of direct foreign investment in 20 years. The number of foreign-capital companies in Türkiye has increased from 6 thousand to over 80 thousand. We have already started to reap the fruits of the economic programme that we have been strongly supporting and implementing for 1.5 years. We will continue to work patiently without resting until we make our country a global powerhouse and build the Century of Türkiye.”  

“MALAYSIA IS OUR LEADING TRADE PARTNER AMONG THE ASEAN MEMBERS”

“With its central location in the region, with the trade surplus it has been enjoying for over 25 years, and with the direct foreign investments that are on the increase particularly in the recent period, Malaysia attracts the whole world’s attention. We have made significant progress in the areas of trade and investments in recent years to benefit from Malaysia’s vast potential. The free trade agreement with Malaysia, which went into effect in 2015, was our first agreement in this regard in the ASEAN region. Due partly to the expansion of the scope of this agreement to include the sectors of services, investments, and e-trade, Malaysia is today our leading trade partner among the ASEAN members,” President Erdoğan said.

Noting that the two countries have increased their bilateral trade volume from 1.7 billion dollars in 2015 to over 5 billion dollars in 2024, President Erdoğan added: “Considering the trade balance as well, we have set our new target as 10 million dollars during our meeting.”

“WE HAVE A VAST POTENTIAL FOR COOPERATION IN A WIDE RANGE OF AREAS”

President Erdoğan said: “Mutual investments undoubtedly constitute another important aspect of our bilateral financial and trade relations. I am pleased to state that Malaysia ranked the second among the countries making the biggest investment in Türkiye in 2023. With their activities in our healthcare, transportation and energy sectors, companies operating under the Khazanah Nasional make up the majority of Malaysia’s investments in our country.”

President Erdoğan pointed out: “There are also various investments in food and retail. I believe we have a vast potential for cooperation in a wide range of areas such as construction, automotive, food, electrical and electronic products, and the halal industry.”

“WE DO NOT HESITATE TO SHARE OUR DEFENSE INDUSTRY CAPABILITIES WITH THE FRIENDLY AND BROTHERLY COUNTRIES”

President Erdoğan said: “Our domestic and national defense industry, taking great strides, is now capable of meeting a large portion of our needs. We do not hesitate to share these capabilities with the friendly and brotherly countries including through technology transfer and joint production. Malaysia is a country to which we attach priority and special importance. We have already started to reap the fruits of our cooperation in defense industry. Today, our defense industry firms, first and foremost ASELSAN, HAVELSAN, and TUSAŞ with its over 100 personnel, are carrying out successful works in Malaysia. Particularly the fact that our STM company has undertaken to build three corvettes for the Malaysian Royal Navy heralds a bright future for our cooperation in the maritime industry.”

Drawing attention to the critical role of direct communication and reciprocal visits in the enhancement of the financial and trade relations between the two countries, President Erdoğan further stressed: “It is evident that we need to make the best of the business council mechanisms. Also, our Malaysian brothers and sisters should be encouraged to visit our country, which hosted over 61 million foreign tourists in 2024. I would particularly like to highlight the contributions of the Turkish Airlines and Malaysia Airlines, which enabled us to host in Türkiye our nearly 100 thousand Malaysian brothers and sisters last year. I am sure that increasing the number of mutual flights in the period ahead will have a multiplier effect on our social relations.”

“TÜRKİYE OFFERS SIGNIFICANT OPPORTUNITIES FOR MALAYSIAN INVESTORS”

President Erdoğan continued his remarks as follows: “Let me particularly underline that Türkiye, with its strategic location, favorable demography, dynamic economy, solid infrastructure, supporting business environment, and advantageous incentives, offers significant opportunities for Malaysian investors. We also observe the emergence of important investment opportunities in Syria with the termination of 13.5 years of instabilities and conflicts in our neighbor. We will inshallah join forces and benefit from these opportunities. I invite Malaysian businesspeople to our country to take advantage of our country as a production hub and a gateway to European, Middle Eastern and African markets. Entrepreneurs trusting and believing our country and investing in its potential never have and never will regret. I am of the opinion that particularly renewable energy, participation finance, and the halal industry will attract the Malaysian business community’s attention. I believe that our respective countries can assume a leading role in the development of Islamic finance across the world, particularly in the OIC countries. I hope that entities from the Malaysian finance industry will take their place at the Istanbul Finance Center, which we inaugurated in 2023. I also would like to note that the use of national currencies in bilateral trade is one of the issues we should focus on.”

President Erdoğan added: “I especially would like to emphasize that we see Malaysia, our comprehensive strategic partner, as a key country in our opening to the Asia-Pacific region. I am confident that our relations with ASEAN will be upgraded to even higher levels during Malaysia’s ASEAN term presidency in 2025. I hope the business forum will help the business communities of our brotherly countries to get closer to one another and foster new partnerships.”