- Expecting Turkey and Thailand to enter a free trade agreement in the near future
- A recent B2B matchmaking event in Bangkok has successfully connected 71 Thai companies with 29 Turkish suppliers in chemical sector.
- On average, each participating Thai company has got one or two new partner(s) from the event, which confirms Turkish products are of high quality and available at very competitive prices.
- Chemicals, cosmetics and personal care products, fire-fighting foam concentrates, plastic kitchenware and Horeca products , as well as pharmaceutical and medical devices received the utmost interest at the event.
The Istanbul Chemicals and Chemical Products Exporters' Association (IKMIB) has successfully organized 'IKMIB - Trade Delegation to Bangkok' business-matching event at Millennium Hilton Bangkok Hotel on 16 December 2022. Supported by marketing and business development agency Cassavaco, the event recorded a total of 248 B2B meetings between 71 Thai companies and 29 Turkish chemicals & chemical products exporters.
Mr. Cemil Cakar, an IKMIB board member and an honorary trade advisor of the Thailand Minister of Commerce to Turkey, says the event has given Turkish and Thai businesses an opportunity to interact and expand their networks to the benefits of both sides. He now expects them to foster partnerships and achieve synergy for various Thai industries, including medical devices, cosmetics, pharmaceutical and retailing industries.
"Our event has been a success. There are lots of trade and investment opportunities for both sides to explore. By working together, Thai and Turkish companies can share insights, stay very up-to-date, and combine their strengths," says Mr. Cakar, who also expects Turkey and Thailand to enter a free trade agreement in the near future.
The IKMIB - Trade Delegation to Bangkok' business-matching event attracted 140 professionals and entrepreneurs from the Thai side, which include leading players from chemical and retail sectors. These Thai participants have hailed the event as "productive" and "eye-opening" because it has presented them with more options for sourcing high quality products at good prices.
Following the event, each of participating Thai firm has got one or two new supplier(s) on average and is now seriously engaging in more business discussions in pursuit of great procurement deals.
"We are waiting for more details on the products we are interested in and also samples that will be sent from Turkey as part of our procurement process," a representative of a Thai chemical firm says on condition of anonymity as successful sourcing can give significant business advantages.
Another Thai at the event appreciates the fact that not only Turkish products demonstrate solid quality but some of them are also available at more reasonable prices than Chinese products. Working for a company that specializes kitchenware and houseware, he concludes that products shown at the IKMIB - Trade Delegation to Bangkok' business-matching event have high commercial potential for the Thai market. While he has some cautions about transportation costs and import taxes, he is confident that procurements will finally materialize especially in light of the fact that a free trade agreement between Thailand and Turkey will likely be concluded in the coming year.
Ms. Pornprapun Sriyotha, executive of Canvassco that has served as IKMIB - Trade Delegation to Bangkok' business-matching event's official coordinator, discloses that chemicals, cosmetics and personal care products, fire-fighting foam concentrates, plastic kitchenware and Horeca products raw materials, as well as pharmaceutical and medical devices received the utmost interest at the event. However, cleaning products, houseware & kitchenware, healthcare products, and supplements from Turkey have also made their way into the Thai market via the event.
"We have got positive feedback. Some Thai companies have already hoped more of Turkish companies will come to such trade event in the future," she says.
Turkey now ranks among the world's important alternative suppliers thanks to its high-quality products, affordable prices, and reliable & fast deliveries. Thailand, meanwhile, is a growing economy. The country, moreover, has already built up an extensive network of distribution channels and enjoyed the rapid expansion of online shopping. With the right suppliers, Thailand will be able to respond well to consumers' shift toward higher-quality goods and retain its status as a major trading hub for the CLMV. Turkey, moreover, promises to be a great hub for Thai companies interested in expanding their businesses to EU region, Eastern Europe, and MENA markets.