Turkiye CG vows to enhance trade, investment ties with Pakistan

LAHORE: The Consul General of Turkiye, Durmus Bastug, has reaffirmed Turkey’s commitment to enhancing bilateral trade and investment with Pakistan.

Bastug announced plans to elevate the current trade volume of $1 billion to $5 billion, emphasizing Turkey’s interest in expanding its economic footprint in Pakistan, particularly in the province of Punjab.

Highlighting the significant presence of Turkiye’s top 20 companies operating in Punjab, Bastug underscored the vast opportunities for collaboration in sectors such as energy, infrastructure, construction, and agriculture.

Addressing a gathering at the Federation of Pakistan Chambers of Commerce and Industry (FPCCI) Regional Office Lahore, Bastug stressed the historic ties between Turkey and Pakistan, emphasizing the mutual benefits of strengthening trade relations. He noted the progressive efforts of Turkish investors and companies keen on exploring investment prospects across various sectors in Pakistan, with a focus on Punjab.

During the meeting, discussions revolved around enhancing cooperation in multiple domains, including trade, investment, technology, tourism, agriculture, and fostering exchange programs.

Zaki Aijaz, Regional Chairman, and Qurrat-ul-Ain, Vice President of FPCCI, emphasized the strategic significance of Turkey-Pakistan relations, citing Turkey’s advancements in trade, technology, and industry. They highlighted Pakistan’s vast potential as an investment destination, particularly in sectors such as textiles, agriculture, pharmaceuticals, and infrastructure development.

With Pakistan being the fifth-most populous country globally, boasting a population of over 260 million, and Punjab as its largest province, with 56% of the country’s population, both parties recognized the synergies between Turkey’s technological expertise and Pakistan’s skilled workforce and natural resources.

Aijaz underscored Pakistan and Punjab as attractive investment destinations, offering favorable incentives for foreign investors, especially within Special Economic Zones (SEZs).

He emphasized a shift towards fostering business-to-business (B2B) cooperation, facilitating joint ventures between Turkish and Pakistani companies.

The visit of the Turkish Consul General signifies a renewed commitment to strengthening economic ties between Turkey and Pakistan, paving the way for enhanced collaboration and mutual prosperity.

Copyright Business Recorder, 2024