Turkish businessmen are ready to initiate joint ventures with their Pakistani counterparts, as they are convinced that ample opportunities exist in a number of sectors in Pakistan including energy, textiles and construction.
According to the LCCI spokesman, Foreign Economic Relations Board's (DEIK) President Dr Akkan Suver and President Turkish Industrial Association TUMSIAD Ersin CENTIN while stated this talking to a 37-member LCCI delegation headed by LCCI President Irfan Qaiser Sheikh.
Dr Akkan said the foremost purpose of the Foreign Economic Relations Board of Turkey was to pave the way for economic, commercial, industrial and financial relations with foreign countries as well as international business communities.
"DEIK believes that increasing industrial cooperation, widening the foreign trade network and opening the Turkish service sector up to the global economy are essential in achieving this target" he added.
The President Foreign Economic Relations Board said that Turkey for being second fastest growing economy of the world after China and first in the European Union had a lot to offer to their Pakistani counterparts and they should avail the opportunities.
He also called for more frequent exchange of business delegations so that both the sides could have firsthand knowledge of the available opportunities in Pakistan and Turkey.
Both the countries have marvellous untapped business potential that needs to be realised by maximising the involvement of private sectors of the two countries, he added.
He hoped that economic relation between the two countries would strengthen further to create a win-win situation for Pakistan and Turkey.
Speaking on the occasion, LCCI President Irfan Qaiser Sheikh said the time had come that the businessmen of both the countries should enhance their bilateral relations which would be beneficial for the people of both the countries.
He said in 1980 the Turkish exports were four billion dollars while Pakistan's were 3.81 billion dollars and today Turkey was exporting goods worth 114 billion dollars while Pakistan's total exports were just 25 billion dollars and Turkey had become 16th strongest economy of the world.
"Since energy is an important issue for Pakistan's economic growth and Turkey has vast experience of exploiting hydro and other energy sources, both the countries should cooperate in this area on priority basis. The amount of our two way trade itself speaks to a great volume as it has been averaging around 655 million dollars from the last three years.
The last year trade figures have been encouraging in a way that the bilateral first time reached to 800 million dollars. The exports increased from 407 million dollars to 644 million dollars registering 58 percent increase over the previous year. However, imports from Turkey also increased in the same period from 152 million dollars (2009) to 156 million dollars (2010) but the change was merely 2.6 percent."
LCCI President said Pakistan could identify various items with the help of Turkish exporters which could be imported from Turkey, adding "as Pakistan is pursuing economic development through market liberalisation, so Turkish entrepreneurs were invited to establish a special economic zone for Turkey in Pakistan and enter into joint ventures with us."
Turkey is well positioned to take advantage of Pakistan's economic potential and its geo-strategic location. Some analysts presume that the trade volume between Turkey and Pakistan can be increased as high as two billion dollars with some joint efforts made by public and private sectors of both the countries. For that matter, bilateral arrangements and early implementation of regional trade agreements such as the ECO Trade Agreement had become the need of the hour, he added.
Irfan Qaiser Sheikh said the LCCI was taking immediate and concrete steps to enhance the volume of trade between the two countries from existing 663 million dollars to two billion dollars, adding strong linkage would be established with Turkish businessmen for having market access to Europe, North Africa and Middle East.
He said LCCI through its own efforts was continuously working on an agenda of closer cooperation between Turkey and Pakistan. "To supplement these efforts, we have established Turkey - Pakistan Business Council by signing an agreement with Foreign Economic Relations Board, Turkey."
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