KARACHI
\nConsul General of Turkiye Cemal Sangu has said although Turkiye and Pakistan have been cooperating in many fields of trade and economy but the existing trade volume was very low which requires very hard work from the business communities of both countries.
\n\u201cWe say we are brotherly but it doesn\u2019t reflect in our trade. Keeping in view Pakistan\u2019s and Turkiye\u2019s population of 240 million and 85 million respectively, I can confidently say we have huge potential and opportunities not only in Pakistan but also in Turkiye, hence, the private sector, being the backbone of economy, should come forward to improve trade and economic relations\u201d, he stressed while speaking at a meeting during his visit to the Karachi Chamber of Commerce & Industry (KCCI).
\nPresident KCCI Iftikhar Ahmed Sheikh, Senior Vice President Altaf A. Ghaffar, Vice President Tanveer Ahmed Barry and KCCI Managing Committee Members were also present at the meeting.
\nTurkish CG, while congratulating the newly elected Office Bearers of KCCI, hoped that the during their tenure, trade relations between Turkiye and Pakistan would deepen further to the deserved level. \u201cAlthough Turkiye and Pakistan have been enjoying special diplomatic relations since 1947 but if you\u2019ll take a good look at the history, our relations are thousands of years old as Turkiye\u2019s connection in this region started in 9th century\u201d, he added while terming Turkiye-Pakistan as \u201ctwo countries, one nation\u201d with same culture, religion, values, linguistic and views.
\nHe informed that last year, Turkiye exports stood at around $256 billion which comprised of 55 percent exports to EU countries.
\n\u201cTurkiye\u2019s Customs Union Agreement, which was signed 20 years ago, will be updated this year which would give Turkiye more access to those countries with whom EU has signed FTAs\u201d, he said while advising the business community to bring in semi-processed raw materials to Turkiye which can be processed in Turkiye and exported EU market with zero tax.
\nHe pointed out that Turkish investment in Pakistan stood at around $2.5 billion but it was nothing and needs to be improved. \u201cTurkish companies operating Pakistan have been facing minor issues but the SIFC is working very hard to solve these issues which will certainly encourage other Turkish companies to invest in Pakistan\u201d, he added.
\nHe further mentioned that Ar\u00e7elik was the only Turkish company which has established a R&D center in Pakistan which was very crucial as although many other foreign companies were also operating in Pakistan but none of them have neither brought R&D nor transferred technology to Pakistan.
\n\u201cAr\u00e7elik has invested almost $800 million in Pakistan since 2016 and has not remitted anything outside Pakistan as whatever they earn is reinvested in Pakistan, which clearly shows the real brotherhood between the two countries\u201d, he said and hinted that a Turkish Company was also interested in coming to Pakistan for setting up solar panel production unit.
\nIdentifying the potential sectors for Turkish investment, he mentioned that there was a huge potential in the dairy and meat sectors as Pakistan, despite producing high-quality milk, has been able to process only 3 percent of milk.
\nThis was an area where business communities of both countries can look into the possibility of undertaking joint ventures.
\nUnderscoring the need to impart high-quality education to Pakistani youth, he said, \u201cWe are trying our best in the field of education. We have 28 Pak-Turk Model Schools all over Pakistan where 30,000 students are being provided high-quality education. We are also providing comprehensive scholarship and last year, 168 scholarships were provided to Pakistani students.
\nEarlier, President KCCI Iftikhar Ahmed Sheikh, while welcoming the Turkish CG, stated that Pakistan\u2019s exports to Turkiye stood at around $323 million in FY23 which was below potential and needs to be enhanced to a reasonable level.
\n\u201cGiven Pakistan\u2019s strategic location, having a GDP of $339 billion, and a vibrant young population, significant investment prospects await Turkish investors in various sectors such as Islamic Finance, halal food, energy, affordable housing, agriculture, infrastructure development, telecommunications and education\u201d, he added.
\nHe noted that although both countries were desirous to have a sustainable and long-lasting FTA but it was yet to materialize. \u201cThe potential benefits of a swift conclusion to the FTA talks are immense, which can boost the existing volume of bilateral trade\u201d, he opined, adding that under FTA negotiations, sizeable tariff concessions should be given to Pakistan\u2019s value-added export products.
\nHe was of the opinion that SIFC and CPEC were effective tools to stimulate domestic and foreign investments, besides being essential ingredients for sustainable economic growth. \u201cTurkish companies can explore Joint Ventures in SEZs under the CPEC, which can further strengthen our economic relations.\u201d
\nHe also stressed the need to establish institutional linkages between Pakistani and Turkish universities to cement relations in the field of education, which would help in improving the quality of education and research of Pakistani universities.<\/p>\n","protected":false},"excerpt":{"rendered":"
KARACHI Consul General of Turkiye Cemal Sangu has said although Turkiye and Pakistan have been cooperating in many fields of trade and economy but the existing trade volume was very low which requires very hard work from the business communities of both countries. \u201cWe say we are brotherly but it doesn\u2019t reflect in our trade. […]<\/p>\n","protected":false},"author":2,"featured_media":382132,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[5],"tags":[],"class_list":{"0":"post-382124","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-business"},"yoast_head":"\n