Trade between Türkiye, Pakistan to be increased to $5bn

November 21, 2022

Türkiye and Pakistan will boost their bilateral trade volume up to USD 5 billion in the next few years. The current trade volume between the two countries is not a true reflection of what could be achieved if cooperation is increased in all areas. The statement was made by the Ambassador of Türkiye to Pakistan Dr Mehmet Pacaci, while visiting the Islamabad Chamber of Commerce and Industry (ICCI). He was accompanied by the commercial counsellor of Türkiye to Pakistan Nurettin Demir.

The Ambassador said that Pakistan and Türkiye enjoy good relations, which, however, were not reflected in the trade volume between the two countries. “Therefore, I have been tasked to increase the bilateral trade between the two countries up to USD 5 billion,” he said. He continued, “we need to increase cooperation in all areas. Our entrepreneurs need to come together for joint ventures and technology transfers. Our embassy will support every initiative for this purpose.” Commercial Counsellor of Turkiye Nurettin Demir gave a presentation on the available business opportunities in Türkiye.

President of ICCI Ahsan Zafar Bakhtawari said that both countries need to increase the bilateral trade from the current value of USD 1.2 billion to at least USD 5 billion in the near future. He continued by saying that Turkish investors can invest in Pakistan’s engineering, chemicals, housing & construction, electrical appliances, machinery, defense, irrigation, food processing, halal meat, agricultural productivity and solar energy sectors.

He also extended an invitation to Turkish investors to participate in the first International Housing Expo to be held in Islamabad from December 08 to 11, 2022. He highlighted both countries’ membership of ECO and the D-8 group and emphasized the need to take full advantage of these memberships. Khalid Iqbal Malik, the Group Leader, said that Türkiye is a very strong economy of the Muslim world with a GDP of USD 800 billion.

Pakistan can benefit a lot by working closely with Türkiye. Former President of ICCI Zafar Bakhtawari said that Turkish Airlines should start connecting Pakistan with Central Asia and D-8 economies. In addition, road and railway links should be improved and PTA should be upgraded to FTA to make full use of the available opportunities. A free trade agreement between Pakistan, Türkiye and Azerbaijan will improve the economy of all the three countries.

Credit : Independent News Pakistan-WealthPk