Turkiye eyes $5bn bilateral trade potential with Pakistan

ISLAMABAD: Turkiye seeks to increase bilateral trade with Pakistan to at least $5 billion in the next 2-3 years and urged improving road and rail links to slash time and cost of trade between the two countries.

Ambassador of Turkiye Dr.Mehmet Pacaci said while talking to a delegation of Islamabad Chamber of Commerce and Industry that called at his office led by Ahsan Zafar Bakhtawari, president, ICCI. Nurettin Demir, Commercial Counsellor of Turkiye Embassy was also present at the occasion.

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

Talking about road and rail trade, he said Pakistan should upgrade its railways system to make it compatible with the railways system of Turkiye in order to promote bilateral trade via railways cargo.

“Trade through the road network can be cheaper due to low oil prices in Iran,” he added. Pacaci 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.

“Turkiye is manufacturing electric vehicles and it can cooperate with Pakistan in this sector,” he further said.

ICCI President Bakhtawari said that despite very cordial relations, Pak-Turkiye bilateral trade was less than $1 billion, which was not encouraging and both countries should facilitate their private sectors to improve it.

He said that cargo shipment takes more than 30 days between Pakistan and Turkey and stressed the development of efficient road and railway links to reduce the transportation time.

Earlier, he informed that ICCI in collaboration with the Ministry of Housing and Works was organizing an international Housing Expo in Islamabad in December this year, and the Embassy should invite investors from the low-cost housing sector of Turkiye to participate in the expo.

He said that ICCI intends to organise a Pak-Turk Business Forum in Islamabad to bring Pakistani and Turkish companies at one platform for B2B meetings in order to develop business links in their areas of interest.

Bakhtawari requested the Turkiye embassy to invite the Head of MUSAID as a Chief Guest for the event.

ICCI Vice President Azhar ul Islam Zafar said that Turkiye has good expertise in the field of construction, and they should cooperate with Pakistan in this sector.

Shakeel Munir, Rana Qaiser Shehzad, Rizwan Chheena, Zia Khalid Chaudhry and others also spoke on the occasion and gave useful suggestions for further improving business and investment relations between Pakistan and Turkiye.