Economic cooperation, agriculture and investment: Pakistan and Turkey sign three MoUs

Pakistan and Turkey signed three Memoranda of Understanding in the areas of economic co-operation, agriculture and investment. President Asif Ali Zardari and Turkish President Abdullah Gul witnessed the signing ceremony at Aiwan-e-Sadr as the representatives of respective organisations inked the documents. Advisor to Prime Minister on Economic Affairs Dr Hafeez Sheikh signed the MoU on Planning Commission.
Minister for Agriculture Nazar Muhammad Gondal and Minister of Agriculture and Rural Affairs Mehmet Mehdi Eker from the Turkish side inked the document on agro-based industries. After singing of the MoU, Gondal said, "There are tremendous possibilities for investors of both the countries to increase collaboration. Turkish investors can take part in the development of Pakistan''s agri-business and Pakistan will provide them foolproof security.
Pakistan''s value addition sector needs Turkish technical and financial resources and offers tremendous opportunities to invest in Pakistan''s agriculture sector", the minister said. The areas identified for Turkish''s assistance include establishment of olive oil units, investment by Turkish Seed Companies, establishment of modern cool chain infrastructure, grain storage, and food processing industry, he said.
The Turkish Minister for Agriculture & Rural Affairs said that Pakistan has a great potential in the field of agriculture and Turkey is ready to help and assist in all the possible ways. A joint working group was constituted to explore and enhance the co-operation in agriculture sector.
For signing of MoU on commercial co-operation between Board of Investment and Turkish Investment Support and Promotion Agency, the Pakistan side was represented by Saleem H Mandviwala, Chairman BoI while the Turkish side was led by Buyukelci Engin Soysal, Mustesar Yardimeisi. Under the MoU, the co-operation will be strengthened to boost investments between the two countries.
The MoU aims at promotion of productive and commercial co-operation and support of enterprises in implementing common projects and transfer of know-how. Both sides will encourage joint projects by involving local institutions. The entrepreneurs of either side shall be encouraged to hold 100 percent equity or to enter joint ventures and shall be free to trade or dispose of their shares.