Chairman, Turkish-Pak Business Council (TPBC), Huseyin Akin has said Foreign Direct Investment (FDI) in Pakistan would soon get a considerable boost, as a number of Turkish companies intend to make investments through joint ventures with their Pakistani counterparts.
He was speaking at a business forum jointly organised by Lahore Chamber of Commerce and Industry (LCCI) and Punjab Board of Investment and Trade (PBIT), here on Friday. President LCCI, Shahzad Ali Malik, Senior Vice President Sheikh Mohammad Arshad, Vice President Sohail Azhar, Honorary Consul General of Turkey in Pakistan, Mian Tajammal Hussain, CEO PBIT, Saadat Muzaffar and former LCCI President, Mohsin Raza Bukhari, former Senior Vice President Abdul Basit also spoke on the occasion.
Akin said that growing Punjab GDP and an attractive business atmosphere would be an advantage for the Turkish Corporations to make investment in this country. He said that high-profile visits in recent past from Pakistan have motivated Turkish businessmen to do business in Pakistan.
He said that Turkish-Pakistan Business Council was actively involved in developing business relations between Pakistan and Turkey and TPBC would continue to be the main driver for giving boost to these bilateral relations. He hoped that concrete business agreements would be signed during their visit to Pakistan. The president LCCI appreciated Punjab Chief Minister, Shahbaz Sharif for seeking Turkish cooperation to overcome energy shortage in Pakistan. He said energy was an important issue for Pakistan's economic growth and Turkey has vast experience of exploiting hydro and other energy sources.
The president LCCI said that huge potential exists to enhance two-way trade. The amount of our two way trade itself speaks to a great volume as it has been averaging around US $600 millions for the last four years, he added. Moreover, he said, the share of Pakistan's exports to Turkey is just 2.3% of our total exports and Pakistan's imports from Turkey account for only 0.5% of the total imports bill.
Malik said although the balance of trade is in favour of Pakistan but in true sense, this favour is not benefiting both the countries. He said Turkey and Pakistan should identify areas of economic cooperation especially in sectors like textiles, leather & footwear, fresh fruits, sports goods & surgical items etc.
He said Pakistan was pursuing economic development through market liberalisation, therefore, Turkish entrepreneurs should come forward and establish a special economic zone for Turkey in Pakistan and enter into joint ventures with Pakistani businessmen. Turkey was well positioned to take advantage of Pakistan's economic potential and its geo-strategic location.
Giving a detailed presentation on available business opportunities in Punjab, the CEO PBIT Saadat Muzaffar reiterated to keep enhancing the immense trade potential between the two countries. He provided key sectoral information to the Turkish delegation in the relevant areas of Livestock, Construction and Energy. The CEO PBIT said that Turkish delegation's visit would help build a strong business linkage between prominent Turkish companies and Pakistan based stakeholders.
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