CEBU, Philippines – Eleven Turkish firms operating in Guangzhou, China have expressed interest to transfer their businesses in Cebu due to unfriendly labor environment there.
The Turkish businessmen, led by Irfan Karabukut, former president of the Turkish Chamber of Commerce and Industry, were in Cebu for a seven-day investment exploration which culminated yesterday.
According to Cebu Chamber of Commerce and Industry (CCCI) president Ma. Teresa B. Chan, the group met with several potential partners in Cebu, while some scouted for possible locations for their businesses.
These Turkish businessmen are owners and decision makers of companies engaged in electronics, power, agriculture, construction, academe, green house technology, violin manufacturing, high-rise condominium builder and textile, among others.
According to Chan, the Turkish capitalists expressed disappointment over the uncomfortable labor atmosphere and the rising cost of doing business in China.
A business matching event was held early this week, hosted by the CCCI, and Chan reported that there were already initial deals being agreed on.
In fact, the violin manufacturing company expressed interest to invest in a world-class guitar manufacturing plant in Cebu to complement its expertise in making violins.
Amid the issues in traffic and other infrastructure related concerns, Chan said the Turkish capitalists are determined to pursue their interest on Cebu as the primary alternative investment destination to China.
Aside from relatively peaceful environment, and competitive labor rate and cost of doing business, Chan said that the Turkish visitors were mostly impressed by the English fluency of the labor pool.
In November last year, representatives from Mir Holdings Inc., one of the largest conglomerates in Turkey, also visited Cebu to explore possible investments in the province.
The CCCI assisted the Turkish businessmen as part of its existing sister-chamber agreement with the Tuckson Confederation of Chambers of Commerce, Masaid Chamber in Izmir and Diad Chamber in Denizli, aside from its active trade and investment collaboration with the Turkish Chamber of Commerce.
Source: Ehda M. Dagooc | The Freeman