PR No. 110 TURKIYE AND PAKISTAN STRENGTHEN ECONOMIC PARTNERSHIP IN HIGH-LEVEL MEETIN

Today, the Ambassador of the Republic of Turkiye, Mr. Mehmet Pacaci, paid a courtesy call on the Federal Minister for Economic Affairs, Mr. Ahad Khan Cheema. The meeting was centered on reinforcing the longstanding brotherly relations between Turkiye and Pakistan, with a focus on elevating economic cooperation to new heights. The Minister for Economic Affairs warmly welcomed the Ambassador and highlighted the deep-rooted ties between Turkiye and Pakistan, which are founded on shared faith, history, and cultural affinity. Minister Cheema commended the signing of the Trade in Goods Agreement/Preferential Trade Agreement (PTA) on 12 August 2022 was hailed as a significant step forward. The Minister apprised the establishment of the Special Investment Facilitation Council (SIFC) in Pakistan, aimed at attracting investments from friendly countries, and highlighted the potential for Turkish investment in Pakistan especially in Agricultural Machinery & Equipment and Large Scale Corporate Farming. He further highlighted the untapped potential in bilateral trade and investment and stressed the importance of enhancing collaboration through Government-to-Government (G2G) and Business-to-Business (B2B) arrangements. The Ambassador thanked the Minister and acknowledged the brotherly relations between both nations. He reiterated the significance and conveyed Turkiye's eagerness to explore avenues for expanding bilateral trade through the High-Level Strategic Cooperation Council (HLSCC) and the Strategic Economic Framework (SEF) and fostering cooperation in energy, banking, commerce, railways, and tourism. Notably, plans for the next session of the HLSCC, expected to convene soon, were discussed, with a focus on increasing the volume of trade to US$ 5 billion. Additionally, plans for the establishment of a branch of a Turkish bank in Pakistan were also discussed in order to further solidifying economic ties between the two nations. In his concluding remarks, Minister Cheema reiterated the Government of Pakistan's commitment to continue working closely to realize the full potential of the bilateral relationship and enhance cooperation across various sectors for the mutual benefit of both countries. *******

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