ISLAMABAD: Pakistan and Turkey are signing a bilateral investment treaty (BIT) to boost investment in both countries during the visit of Turkish Prime Minister Recep Tayyip Erdogan. Chairman Board of Investment, Saleem H. Mandviwalla confirmed about the signing of agreement to Business Recorder and said a meeting with Zafer Calayan, Minister of Economy Turkey was also held on Monday in this regard. Both sides discussed BIT along with other issues.
The other important agreement to be signed between Turkish Company Albrayak and Sindh Government was on solid waste management, Saleem said. He said Pakistan and Turkey would like to sign nine agreements all together. The companies involved in solid waste management for cities like Lahore are Albayrak and Ozkartallar and Compak Joint Venture, who are requesting the Pakistani authorities to reduce duties for environmental projects. Chairman BOI confirmed to the Turkish delegation that the customs tariffs would be reduced in the budget of 2012-13 and it would continue to be reduced in the coming years gradually.
Both sides had also heated debate on the issue of Karkey Company's Powership Project at Karachi port. Chairman informed the Turkish minister that the company's ships are not confiscated but are being held till the issue is settlement through the Supreme Court of Pakistan. The Turkish minister also showed interest in the Trailer Purchasing Tender issued by the Karachi Port Authority, and requested for the support of Chairman BOI for the realisation of the project by the Turkish companies.
Regarding investment opportunities in the telecommunications sector, the Turkish company Kron Telecommunication Technologies Company undertook a joint project by the name of "Remote Broadband Management System Software Project" with PTCL. The project's value is $1 million. The company wants to establish its corporation in Islamabad. The Turkish minister also offered Pakistani/Turkish companies to join hands and do business in the third countries.
Further the Turkish minister assured the Pakistani side of their co-operation in every field imaginable as the two countries share common grounds. Turkey has an amount of $110 billion of FDI from the period 2003-2011. Various Turkish companies are interested for investment in Pakistan in the fields of mass transportation and solid waste management.
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