On November 14, 2015, we have signed one of the most comprehensive Free Trade Agreements in our history with Singapore
Singapore, owning a central location in South Asia, has many advantages in this central position such as a dynamic domestic market of high-income consumers, the ASEAN membership that provides commercial access to a population of 600 million and owning the second busiest port of the world. In addition, Singapore ranks second in the “2020 Ease of Doing Business” list of the World Bank because of administrative transparency and reliable legal regulations. On November 14, 2015, we have signed one of the most comprehensive Free Trade Agreements in our history with Singapore. The country is one of our rare business partners for whom we provide foreign trade surplus. We believe that this FTA will con- tribute to us at this point and double the current trade volume, which is approximately $1 billion.
Due to being one of the smallest countries in the world, Singapore is investing heavily in foreign countries through TEMASEK and GIC, which are among the world’s largest asset funds. Thus, Turkey must be more active to attract foreign direct investments to the national market.
Turkey-Singapore Business Council Chairman Süha Güçsav