Turkey’s crisis to impact Malaysia

• Aug 15, 2018

KUALA LUMPUR: The International Trade and Industry Ministry (Miti) expects Malaysia to be impacted by the financial crisis in Turkey.

Minister Darrel Leiking, however, said that the ministry would ensure Malaysia’s trade with Turkey remained protected and would come up with solutions to help industries potentially affected by the crisis.

“Whenever there is a financial crisis, it will have some impact. But we are always ready and cautious about it,” he told reporters on the sidelines of the Malaysia Aerospace Summit 2018.

He said the ministry would continue to monitor developments in Turkey.

The Turkish lira has fallen 44% to-date this year to become the world’s worst-performing currency.

Last year, Malaysia’s trade with Turkey stood at RM12.06bil, up 43.8% from 2016, while exports to Turkey grew 47.1% to RM10.51bil as compared to the previous year.

Imports increased 24.6% to RM1.55bil from 2016.

Meanwhile, Darell said the ministry is optimistic that Malaysia could become the leading aerospace nation in Asean by 2030 as set out in the Malaysian Aerospace Industry Blueprint 2030.

“Apart from the capability of local companies to support the manufacturing and maintenance, repair and overhaul activities, quality investments and strong market demand have also accelerated development of the local supply chain,” he added.

He said the industry had seen a surge in investments in recent years, with some multinational companies establishing and expanding operations across a growing network of aerospace facilities.

Last year, the Malaysian aerospace industry recorded total revenue of RM13.5bil from RM12.7bil in 2016, with exports growing 54% to RM8.51bil from the previous year. — Bernama

Source: https://www.thestar.com.my/business/business-news/2018/08/15/turkeys-crisis-to-impact-msia/#KVrfB0ZYSH8iIx71.99