SINGAPORE AMBASSADOR JONATHAN TOW VISITED ATO

BARAN: "WE SET OUR TRADE VOLUME TARGET TO 3 BILLION USD WITH SINGAPORE"

November 5 th, 2019- Ankara Chamber of Commerce (ATO) President Gürsel Baran said that Turkey signed the most comprehensive Free Trade Agreement with Singapore in 2017 and noted that " We set our trade volume target to 3 billion USD with Singapore.


Singapore Ambassador H.E. Jonathan Tow visited Ankara Chamber of Commerce (ATO) President Gürsel Baran in his office. During the visit, Mr. Baran pointed out Singapore's achievements in the economic field and said, "Singapore is a regional attraction center in international finance, trade and investments in Far East Asia with its developed infrastructure, service sector and educated population."


 Mr. Baran also pointed out that Singapore has a foreign trade surplus of around $ 100 billion, "The foreign trade volume between Singapore and our country is below $ 1 billion. We aim to increase this figure to $ 3 billion in the near future." Mr. Baran also gave information about Ankara economy and Ankara Chamber of Commerce.


-TURKEY'S GROWTH POTENTIAL


Singapore Ambassador H.E. Jonathan Tow mentioned that thanks to its growth potential, Turkey is a significant market for Singapore, hence Singaporean business people prefer to invest in Turkey. The Ambassador also reminded that there are several Singaporean funds from which Turkish companies could benefit. On the other hand, it is noted that Singaporean companies control some investments in Samsun, Ordu and Giresun hazelnuts production as well as being active in tourism sector and design industry.


Mr. Tow also mentioned that Mersin International Port is being managed by Singaporean business people since 2010. "Mersin Port continues to grow with the distinction of being the largest port in Turkey. More than 2,500 people are employed and 50% of Mersin's economy depends on the Port and we would like to improve cooperation in the existing sectors" Mr. Tow stated.


Ambassador Tow underlined that the Free Trade Agreement signed in 2017 between Turkey and Singapore is a new generation agreement.  "We would like your members to be informed about this agreement, and we want to benefit," Tow said. To raise awareness of this FTA Embassy of Singapore will organize seminars for chambers of commerce and industry in 2020. Ambassador Tow also reported that Turkey can position Singapore as a center to penetrate to other Asian countries.


Mr. Baran welcomed these endeavors of the Ambassador and added that "We will do our best to make this Free Trade Agreement add value in favor of both countries"

Singapore Ambassador H.E. Jonathan Tow was accompanied by Second Secretary Mr. Mohamed Ashraf Bin Mohamad Yoonus.