Singapore, with just 4.3 million people, is physically tiny compared with Turkey and its population of close to 70 million people.
But ask any government official or businessman in Turkey, and they will tell you that Singapore is no small fry when it comes to doing business.
The latest figures released by the Turkish Statistics Institute are testament to that.
Of the 49 countries in the Asia-Pacific region, Singapore takes the second-highest volume of exports from Turkey at US$389 million, trailing only China with US$1 billion.
Separated by a near 12-hour flight time, trade between the two countries was worth S$1.04 billion last year, up 32 per cent from 2006.
In a speech at the Turkey-Asia Pacific Foreign Trade Bridge summit last week, Turkish Foreign Trade Minister Kursad Tuzmen praised Singapore as an important global investor.
It is not difficult, then, to see why Turkey - a country strategically placed between Europe and Asia - is so keen to tap on Singapore and the rest of the Asia-Pacific.
In the first four months of 2008 alone, exports from Turkey to Asian countries grew 53 per cent from a year earlier to hit US$2.3 billion.
The growing potential of Turkey is not lost on Singapore either.
Economic relations between the two countries have grown considerably, with bilateral trade amounting to S$1.04 billion in 2007, a 32 per cent increase from 2006.
The Singapore government has been organising more trips to various Turkish cities.
Last month, parliamentary Speaker Abdullah Tarmugi led a five-member delegation to Istanbul, announcing plans for Singapore to take part in upcoming privatisation tenders for ports, energy, banking and environment projects there.
'Privatisation is the key in our business relations with Turkey. But we are also interested in exploring joint ventures,' Mr Tarmugi told the Turkish Daily News in an interview.
Late last year, the two countries took a big step forward when they signed an investment guarantee agreement to boost future economic cooperation.
The Government of Singapore Investment Corporation has also invested in Turkish state bonds, although to what extent has not been disclosed.
Singapore's heightened interest in Turkey can be traced back to comments made by then-deputy prime minister Tony Tan after he visited Istanbul in 2005.
At that time, he conceded that Singapore had not been quick off the mark in seizing opportunities there, lagging countries such as Malaysia.
But plenty of progress has been made since on strengthening the ties.
For instance, the Turkish and Singapore parliaments now have what they call 'friendship groups' to enhance political and cultural relations.
The groups consist of 50 Members of Parliament in Turkey and 15 in Singapore who take part in active dialogue on bilateral relations.
In addition, senior level politicians from the foreign ministries of Turkey and Singapore met in April, where the two main issues discussed were energy and regional politics near Turkey.
Despite recent boosts to bilateral economic relations, there is plenty of untapped potential the two countries can tap on.
Areas include agriculture, tourism, transport, communications and construction, among others. The door is open for Singapore firms to venture to Turkey and seize on the business opportunities it offers.
A handful have already done so.
And with markets in countries like China and India fast becoming saturated, Turkey could become the next big thing for Singapore companies.
This article was first published in The Business Times on 29 June 2008.
