The Bases Conversion and Development Authority has recently signed a cooperation agreement with the Turkish Confederation of Businessmen and Industrialists (TUSKON) during the biggest annual trade summit held in Istanbul, Turkey.

TUSKON is considered to be one of the biggest business confederations in the world, an umbrella organization for 7 regional federations, 162 business associations with more than 32,000 business people members in Turkey, with a net worth of $750 billion in conglomerate investments. The agreement would bring in investors to the Philippines and position the country as a distribution and production hub in the Pacific.

The agreement, signed by TUSKON President Rizanur Meral and BCDA President and CEO Arnel Paciano Casanova, Esq., and witnessed by Turkey’s Economic Minister Zafer Caglayan, establishes direct business and trade relations between the BCDA Group and TUSKON members, including a continuous exchange of information to promote mutual trade between the Philippines and Turkey, and mutual assistance in international events and market research missions.

The agreement also embraces the importance of educational centers and institutions, where both parties committed to promote interchange of educational experience by welcoming delegations of students to the partner country.

The Philippine delegation, led by BCDA chief executive Casanova and Quezon City Mayor Herbert Bautista, joined a powerhouse business delegation from 150 countries in İstanbul for the annual “Turkey-World Trade Bridge” summit, organized to pursue to develop ties between Turkish and foreign firms.

The event was initiated by the Turkish Chamber of Commerce in the Philippines under the leadership of Mr. Irfan Karabulut and Mr. Abdulgani Macatoman.

“The agreement positions the Philippines and the BCDA Group as the gateway for production and distribution in the whole of Southeast Asia,” Casanova said, highlighting that it “cemented a relationship between the Philippines and Turkey in facilitating trade between the two breakout economies of the world.”

This major feat in investment promotions for the country came at the heels of Casanova’s recent election as Chairman of the Steering Committee for Philippine Investment Promotion Plan (PIPP), which coordinates closely with the Department of Trade and Industry (DTI) under Secretary Gregory Domingo. Atty. Casanova also promoted other Investment Promotion Agencies such as the Board of Investments, Philippine Economic Zone Authority, Cagayan Ezonomic Zone Authority, Authority of the Freeport Area of Bataan, Philippine Retirement Authority, Subic Bay Metropolitan Authority, Clark Development Corporation, Aurora Pacific Economic Zone and Freeport Authority, Regional-BOI Autonomous Region in Muslim Mindanao, PHIVIDEC Industrial Authority, Zamboanga City Special Economic Zone and Freeport Authority, and Tourism Infrastructure and Enterprise Zone Authority.

The BCDA Group is a prime mover of national development, transforming former military bases and properties into premier centers of economic growth. The group is composed of the BCDA and its subsidiaries namely, Clark Development Corporation, BCDA Management and Holdings Inc., John Hay Management Corporation, Poro Point Management Corporation, Bataan Technology Park Inc., North Luzon Railways Corporation, and Clark International Airport Corp.

Turkey is set to become the 15th largest economy in the world within the next five years. It currently has the 6th largest economy among the 27 European Union countries. The country has been exploring partnerships with several countries including the Philippines to step up trade partnerships and reduce its dependence on the traditional trading partners.

Early this year, Turkish businessmen have expressed great interest in investing in the Philippines, particularly in construction, healthcare, education, food and medicine.

A report cited by the Philippine Chamber of Commerce and Industry shows that the Philippines and Turkey has been receiving gains from the trade between these two countries. Late last year, the Philippines has exported $116 million worth of products to Turkey, while receiving $100 million imports from that country.

“The agreement takes the partnership a step further by bringing in more investments from Turkish businessmen. These investments would translate to more employment opportunities for the Filipinos and revenues for the Philippine government,” Casanova pointed out.