Turkiye eyes U$5bn bilateral trade potential with Pakistan

October 26, 2022: Turkiye is willing to increase bilateral trade with Pakistan to at least $5 billion in the next 2-3 years as both countries have good potential to further enhance two-way trade volume in many items, Dr. Mehmet Pacaci, Ambassador of Turkiye said while talking to a delegation of the Islamabad Chamber of Commerce and Industry (ICCI) on Tuesday. 

Nurettin Demir, Commercial Counsellor of the Turkiye Embassy was also present in the meeting, said a press release issued here Tuesday.

The envoy appreciated the initiative of ICCI for organize an International Housing Expo in collaboration with the Ministry of Housing & Works and assured that Turkish companies in Pakistan shall participate in the Expo whereas the companies and dignitaries from Turkiye would also be encouraged to join the Expo.

Talking about trade through roads and railways, he said that Pakistan should upgrade its railways' system to make it compatible with the railways' system of Turkiye in order to promote bilateral trade through railways cargo. He said that trade through the road network can be cheaper due to low oil prices in Iran.

He proposed to form a committee comprising representatives of all stakeholders from both sides to discuss options and modalities for trade promotion through railways and road links. He said that Turkiye was manufacturing electric vehicles and it can cooperate with Pakistan in this sector.

Speaking at the occasion, Ahsan Zafar Bakhtawari, President ICCI said despite very cordial relations, Pak-Turkiye bilateral trade was less than US$ 1 billion, which was not encouraging, and urged both countries to facilitate their private sectors to improve it.

He said that cargo shipment takes more than 30 days between Pakistan and Turkiye and stressed the development of efficient road and railway links to reduce transportation time. He said that ICCI in collaboration with the Ministry of Housing & Works would organize an international-level Housing Expo in Islamabad in December this year and urged the Embassy to cooperate in inviting investors of the low-cost housing sector from Turkiye to participate in it.

Bakhtawari said ICCI intends to organize a Pak-Turk Business Forum in Islamabad to bring Pakistani and Turkish companies to one platform for B2B meetings in order to develop business links in the areas of interest and urged the Embassy of Turkiye to cooperate in inviting the Head of MUSAID as a chief guest for the event.

APP