Turkey and Pakistan have agreed to collaborate on several initiatives related to enhancing bilateral economic and trade ties to strengthen economic cooperation between the two countries. This agreement was reached during the visit of a high-level Turkish business delegation aimed at exploring investment opportunities and removing barriers to increasing bilateral investment.
Turkey’s Trade Minister Dr. Omer Bolat held meetings with Finance Minister Muhammad Aurangzeb and Federal Minister for Board of Investment, Privatisation, and Communications Abdul Aleem Khan to discuss potential investment prospects.
During Dr Bolat’s meeting with Finance Minister Aurangzeb on August 8, they discussed several initiatives aimed at boosting bilateral economic and trade relations, according to a government statement. The statement noted that “both ministers reiterated their dedication to strengthening bilateral relations and expanding trade volume.”
“We discussed increasing our trade volume, solving our companies’ problems in investment and trade, evaluating mutual investment opportunities, and further strengthening our economic cooperation,” Bolat wrote on X after the meeting in Islamabad. “We aim to increase our trade volume with Pakistan to $5 billion.”
Trade Minister Ömer Bolat, accompanied by a delegation of Turkish businesspeople, is on an official visit to Pakistan to reinforce ties between the two countries. Finance Minister Aurangzeb welcomed Bolat and his delegation, emphasizing the strong and enduring brotherly relations between the two nations.
Bolat also met his counterpart, Jam Kamal Khan, in Karachi on August 9 and attended the opening of the second edition of the International Food and Agriculture Exhibition (FoodAG’24).
Roundtable Business Conference
Bolat and Privatisation Minister Abdul Aleem Khan co-chaired a Round Table Business Conference, which was also attended by Turkish Deputy Trade Minister Mustafa Tuzcu, Turkish Ambassador to Pakistan Mehmet Pacaci, the presidents of various trade chambers of Turkiye and prominent business community figures from Pakistan.
Türk ve Pakistanlı iş insanlarıyla düzenlenen yuvarlak masa toplantısında Pakistan Yatırım ve Özelleştirme Bakanı Sayın Abdul Aleem Khan, ülkemiz iş dünyasını temsil eden sivil toplum kuruluşlarımızın başkanları ve iki ülke iş dünyasının temsilcileri ile bir araya geldik.… pic.twitter.com/pZumW69DpQ
— Prof. Dr. Ömer Bolat (@omerbolatTR) August 8, 2024
Addressing the conference, Aleem said that the two countries have already signed economic and joint business agreements. He added that Pakistan wants to promote bilateral investment and business ties in various fields with Turkiye and welcomed the business community’s interest in Turkiye and said that it would benefit both countries and that all possible support would be provided.
The Turkish delegation also held a meeting with Prime Minister Shehbaz Sharif in Islamabad on August 9.
Flight connectivity discussed
The discussions focused on sectors such as services, health, education, medicine, fashion, and improving flight connectivity between the two countries, according to a government statement.
Bolat also proposed measures to facilitate investment for Turkish companies to enhance investor confidence and recommended increasing flight connectivity between Pakistan and Türkiye to support greater economic exchange.
Pak-Turkiye trade ties
In the last three years, bilateral trade between Türkiye and Pakistan has exceeded $1 billion. This year, trade volume saw a 45 percent increase in the first seven months compared to the same period last year.
“We will continue our efforts to deepen our trade and economic ties with Pakistan and diversify areas of cooperation,” Bolat stated.
Aurangzeb underscored the “robust and longstanding” relationship between the two nations and its potential for further development. He assured Bolat of Pakistan’s commitment to supporting Turkish investors by streamlining regulations to enhance the ease of doing business.
Highlighting the importance of the historical and cultural connections between Pakistan and Turkey, Aurangzeb informed Bolat of a recent staff-level agreement with the IMF, which aimed to ensure “long-term stability” and outlined ongoing reforms in taxation, the energy sector, and state-owned enterprises.