ANKARA/ISLAMABAD: Prime Minister Shehbaz Sharif on Wednesday said trade volume with Turkey is “insufficient” considering the fraternal relationship between the two countries, eyeing a $5 billion trade volume within three years.
Paying a three-day official visit to Turkey at the invitation of President Recep Tayyip Erdogan, Sharif spoke at the Pakistan-Turkey Business Council Forum in Ankara.
Pointing out that Turkey is a country that has the world’s leading contractors, he praised the Turkish construction sector saying the country has been conducting several infrastructure projects around the world, especially in the Middle East, Africa, and Southeast Asia.
Hinting at the current $1.1 billion trade volume between the two countries, Shehbaz Sharif said: “Unfortunately, the brotherly relationship between Turkey and Pakistan does not reflect adequately on commercial relations.”
He also invited investors from Turkey to explore Pakistan’s diverse sectors, particularly the energy sector offering immense opportunities and scope for development.
The prime minister said Pakistan’s energy sector with its vast potential in hydel, thermal, coal, wind, and solar sectors could prove ideal for investors.
Sharif said a number of leading Turkish investors had already made investments in Pakistan, and assured full cooperation by his government to pursue their projects.
He said given the growing energy needs and high global energy prices, Pakistan direly needed improvement in its energy sector and emphasized that the Turkish investment would be a win-win situation.
He said Pakistan could benefit from Turkey’s expertise in building and managing dams for water conservation.
Giving an overview of the economic and investment opportunities in Pakistan, the prime minister highlighted his focus on energy, housing, textiles, infrastructure development, agro-based industry, and oil and gas sectors.
He said Pakistan-Turkey relations are built on unbreakable bonds of love, affection, and respect as the two countries shared a history, century-old tradition, and common aspirations.
He mentioned that the two nations always stood with each other at all times, and added that their relations were marked by extreme cordiality and exceptional mutual trust.
Sharif said Pakistan and Turkey must engage with renewed resolve and commitment to building upon this solid foundation, to take this relationship to new heights, particularly in the vital fields of commercial, economic, and investment cooperation.
He also emphasised that Turkish textile companies could explore the sector for joint ventures, especially for intra-industry trade as well as becoming partners in regional and global value chains.
He also invited the Turkish firms relating to the agro-industrial sector and dairy farming and said ample opportunities existed in these sectors.
The prime minister stressed that Pakistani and Turkish companies could also work together in the oil and gas sector. They could collaborate not only in exploration and production but in building refineries and pipelines, he said.
Sharif highlighted the priorities of his government, saying that addressing the challenges of industrial sustainability, particularly in view of the global fourth industrial revolution was significant.
He said Pakistan with its huge youth bulge could undergo remarkable progress and development in various sectors of public importance.
Foreign Minister Bilawal Bhutto-Zardari, Minister for Commerce and Investment Syed Naveed Qamar, and Minister for Information and Broadcasting Marriyum Aurangzeb were also present.
— With input from Anadolu Agency
