Pakistan Turkey to enhance bilateral trade to $10 billion

Pakistan Turkey to enhance bilateral trade to $10 billion
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ISLAMABAD - Turkish Ambassador to Pakistan Ihsan Mustafa Yurdakul Tuesday expressed his strong resolve for enhancing bilateral annual trade between the two countries to $ 10 billion.

Addressing business community here at the Islamabad Chamber of Commerce and Industry (ICCI), the ambassador said with stronger efforts from both sides the annual trade volume could be raised up to $10 billion.

He said the China Pakistan Economic Corridor (CPEC) was a great project for Pakistan, however, the Turkish investors were not fully aware about the business prospects in that regard. The Pakistan Business Council, FPCCI and chambers of commerce should inform the Turkish investors about the potential opportunities of joint ventures (JVs) and investment in CPEC so that they could take benefit of thoem, he added.

He said the new government of Pakistan had priority focus on building low-cost houses in the country and Turkey with good expertise in building such houses could help it realize that goal.

The envoy expressed the hope that the current leadership of Turkey and Pakistan would finalize free trade agreement that would give boost to bilateral trade between the two countries. Ihsan Mustafa Yurdakul said the Turkish companies had invested $2 billion in Pakistan and more could come if apprised of the potential business prospects. He assured that he would help promote Pakistan’s business interests in his country.

He appreciated the ICCI for holding a business opportunities conference in Turkey in the last week of June 2018, saying he was receiving positive feedback from Turkish businessmen about the event.

Speaking on the occasion, ICCI President Sheikh Amir Waheed said Pakistan and Turkey enjoyed historic cordial relations that should be transformed into growing trade and economic relations.

He said Pakistan and Turkey were doing trade in limited items and they should focus on diversification of trade to achieve better results. Both the countries should develop direct road and railway links that would help in improving trade volume, he added.

The ICCI chief identified tourism, information technology, food processing, agro-based industry, dairy development, furniture industry, hospitality, construction and resorts development as potential areas for JVs and investment for Turkish investors in Pakistan. He assured that the ICCI would work with the Turkish Embassy for bringing private sectors of both the countries closer for trade promotion.

Economy