Prime Minister Shehbaz Sharif called upon Turkish businessmen on Wednesday to strengthen collaboration with Pakistani counterparts to earn a hefty profit.

Speaking at the Turkiye-Pakistan Business Council, he said Pakistan could prosper with Turkey’s support while Turkish companies stood to make profit by investing in different projects in Pakistan.

“Pakistan has a buoyant automotive industry but Turkey’s is far superior. Both nations can collaborate to uplift sales between themselves and other countries,” he stressed. “Ankara is already exporting automobile parts to Europe which reflects that Turkey fulfills all standards of quality.”

PM Shehbaz arrives in Turkey for three-day official visit

He told participants that Pakistan could offer cheap labour to Turkey to produce components of automobiles at lower cost.

He also highlighted that Turkey enjoyed a robust textile segment and urged the two sides to enter into cooperation in the space.

Speaking about the construction industry, he added that Turkey was leading the world in building dams, hydel power stations and renewable energy solutions.

“Your capacity to build dams should be leveraged by Pakistan. Turkish business community can invest and make profit while Pakistan will receive cheap electricity from hydel power,” he said. “In renewable space, all provinces of Pakistan have ample potential for collaboration.”

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He told the meeting that the country was focusing on solar energy and wind power because “Pakistan cannot import expensive oil to generate electricity.”

Shehbaz said that the nation intended to curb import of expensive fuel by enlarging scope of hydel and renewable energy.

He invited Turkish businessmen to visit Pakistan’s dam sites particularly Diamer-Bhasha and Tarbela dams.

According to him, cooperation in this segment would result in reduction of flooding and conversion of water into energy.

Terming Turkish entrepreneurs determined businessmen, he stated that their achievements were a shining example for Pakistan.

He recalled welcoming hundreds of businessmen from Turkey during 2008-2018 and appreciated their active participation and investments in Pakistan.

“Your contribution in humanitarian projects in Pakistan is well known and entire population of the country witnessed the efforts of President Tayyip Erdogan and first lady during 2005 earthquake,” he said.

PM sets $5bn target for Pak-Turk bilateral trade

On Tuesday, Shehbaz urged the business community of Pakistan and Turkey to take the bilateral trade to the $5 billion mark within next three years.

“The $1.1 billion trade is nothing… Let us resolve to take the two-way trade to $5 billion… Let us do it speedily. The time and tide wait for none,” he said.

The prime minister, along with a high-level delegation, is on his maiden visit to Turkey, since he assumed office on April 11.

A huge number of businessmen from Turkey Pakistan Business Forum, Turkish and Pakistani investors, and officials from the boards of investment of Turkey and Pakistan attended the event.