Turkey eyes investment, connectivity boost with Pakistan

August 08, 2024 (MLN): To further boost economic exchange between Turkey and Pakistan, Dr. Omer Bolat, Turkey’s Trade Minister, proposed measures to facilitate investment for Turkish companies to enhance investor confidence and recommended increasing flight connectivity between the two countries.

According to a press release issued today, he gave these suggestions during a meeting with Finance Minister Muhammad Aurangzeb, who was accompanied by a business delegation.

The Finance Minister warmly welcomed Minister Bolat and his delegation and emphasized the robust and longstanding brotherly relationship between the two nations, which has potential for further bilateral economic and trade development.

Minister Bolat highlighted the shared commitment of Prime Minister Shehbaz Sharif and President Erdogan to strengthen bilateral ties, with a particular focus on increasing trade and investment.

He identified key sectors for potential investment, including services, health, education, medicine, and fashion.

Minister Bolat also proposed measures to facilitate investment for Turkish companies to enhance investor confidence and recommended increasing flight connectivity between Pakistan and Türkiye to support greater economic exchange.

Senator Aurangzeb acknowledged the significance of historical and cultural ties between Pakistan and Türkiye and provided an update on Pakistan's improving economic fundamentals, including a stable currency, foreign exchange reserves exceeding $9 billion, and declining inflation rates.

He informed Minister Bolat of a recent Staff Level Agreement with the International Monetary Fund (IMF), aimed at ensuring long-term stability and outlined ongoing reforms in taxation, energy sector and state-owned enterprises.

The Finance Minister also highlighted the role of the Special Investment Facilitation Council (SIFC) in streamlining investment processes and attracting foreign direct investment.

Both ministers reiterated their dedication to strengthening bilateral relations and expanding trade volume.

Senator Aurangzeb assured Minister Bolat of the Pakistani government's commitment to supporting investors by streamlining regulations which support ease of doing business. Minister Bolat expressed gratitude for the support and constructive dialogue.

The meeting marked a significant step toward deepening economic ties and fostering closer cooperation between Pakistan and Turkey.

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