Turkish Consul General Erdern Mutaf has said that Turkish foreign direct investment (FDI) in Pakistan will cross 600 million dollars in the near future. Addressing members of Karachi Chamber of Commerce and Industry (KCCI) on Thursday, he said that during the last one year, the total Turkish investment in different projects Sindh province had reached 350 million dollars.
Giving details of the major Turkish investment in Sindh, he said that Zorlu Group was establishing wind power plants at Jhimphir, with the initial capacity to produce 50 MW. The installed capacity of this project was expected to reach 300 MW in near future, he added.
He said a Turkish company, Alfapen, entered into joint venture with a Pakistan company in PVC sector for producing UPVC products. Another Turkish confectionery company, having 7.7 billion dollars turnover in 2006, entered into a joint venture with a local company to produce biscuits and cakes in Karachi. The plant will start production by January 15,2008, he added.
The Consul General pointed out that total Turkish investment in Pakistan reached around 1.7 billion dollars between 1993 and 2006. He said that Turkey attached special importance to further improve the trade relations with Pakistan, which would, no doubt, contribute considerably to the excellent relations in every field between the two countries.
Erdern Mutaf said bilateral trade volume increased considerably from 130 million dollars in 2001 to almost 600 million dollars in 2006. However, the current level still did not reflect the potential of both the countries. He said the target was to reach one billion dollars in near future as it was pointed out by Turkish Prime Minister Erdogan some times ago, and added the re-opening of Trade Office in Karachi after eight years was clear sign of Turkish resolve in this respect.
He invited Pakistan companies to take part in exhibitions held in Turkey.
Welcoming the guests, Senior Vice President of KCCI Iftikhar Ahmed Shaikh said that Pakistan had the potential to target Turkish market in areas such as vegetable and fruits, pharmaceutical products, raw hides and skins. Turkey imported these items in large quantity, but share of Pakistan in these segments in negligible, he added.
He said that Turkey could take advantage of Gwadar port to establish production base in Pakistan and tap the huge untapped market of south and Central Asia.
He said that Pakistan and Turkey could also join hands to manufacture textile products in Pakistan in textile and garment cities being established with modern infrastructure at Karachi.
He also emphasised the need of frequent exchange of delegations and data based information on trade and marketing and holding single country exhibitions. Iftikhar Shaikh invited the Turkish business community to participate in KCCI exhibition schedule to be held in June-July 2008.
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