ISLAMABAD, Nov 27: Pakistan and Turkey are working to evolve a mechanism of product diversification to boost the value of investment, industry.

These views were expressed by Federal Minister for Industries and Production Liaquat Ali Jatoi at a meeting with Turkish Ambassador to Pakistan Kemal Gur here on Wednesday.

Pakistan and Turkey have agreed to establish a business council and hold inter-ministerial meetings as there are avenues for exchange of experts in the field of leather, software, petroleum and construction industry.

Mr. Jatoi said Pakistan had always enjoyed good trade relations with Turkey, which got a tremendous boost in June this year, when Turkey provided to Pakistan 3000 tons of exceptional flexibility in textile quota for 2002-2003.

For another additional flexibility of 3000 tons for the year 2004, it was agreed to hold bilateral consultation on dates to be decided mutually by the two governments.

The minister said, “Turkey is our second home and Pakistanis are no strangers in Turkey”. This was reciprocated with the same feelings by the ambassador who said Turkey would support Pakistan in every field.

Both agreed to increase the current level of trade which is $135 million, with the balance of trade in Pakistan’s favour.

Turkey will increase quota of exports from Pakistan in rice, cotton yarn and leather goods.

The minister and the ambassador agreed to expedite the holding of joint ministerial commission meeting between the two countries so as to resolve economic issues relating to trade and investment.

The minister and the ambassador proposed to initiate a “Chapter Vessel” service between the two countries to promote trade and passenger traffic on a relative cheaper rates.

Dr M. Akram, secretary industries and production, was also present in the meeting.