KARACHI, Oct 7: Several joint ventures will be signed between Pakistani and Turkish companies in the field of gem stones, jewellery, textile and garments, automotive sector and transportation.

This was stated by the visiting Turkish Trade Minister Kursad Tuzmen while addressing a press conference on Tuesday. Turkish Ambassador to Pakistan Jamal Gur was also present on the occasion.

Tuzmen, who is leading a 24-member trade delegation, said that the first day of talks between Pakistani and Turkish businessmen was very fruitful and one Turkish companies had already signed a memorandum of understanding for joint venture with Pakistani company on Tuesday.

He said that lot of potential existed for joint ventures in the field of transportation specially shipping lines and also tourism between the two countries.

Referring to his meeting with Minister for Privatisation and Investment Dr Abdul Hafeez Shaikh and Sindh Governor Dr Ishratul Ibad today (Tuesday), Turkish minister said that trade and investment activities will witness a boost between the two countries.

Talking of the narrow trade volume between the two countries, he said that there was a potential for $120 to $130 billion trade which was unfortunately stagnating between $130 million.

“The actual potential is not been reflected in the bilateral trade which should be expanded. The actual trade volume is in fact estimated at about 1 per cent of the actual potential,” Tuzmen noted.

To a question, he said that Turkey was ready to host single country Pakistan exhibition as well as Pakistani trade delegation and added that exchange of trade delegations and holding of exhibition in each others territory was the only way to boost trade and investment.

He said that Turkey and Pakistan can complement each other in textile and garment sector to boost their exports in the forthcoming era of WTO.

Tuzmen was of the opinion that cheap Pakistani labour and raw material coupled with Turkish textile machinery can be an excellent combination for creating a competitive edge in world exports.

“We can focus on Pakistani labour and Turkish machinery to form a strategic partnership instead of looking towards other countries. It is a win-win situation for the both,” he added.

To a question about Pakistan-Turkey cooperation in the reconstruction of Afghanistan, Turkish minister said that his country was undertaking construction projects worth $50bn in 55 countries.

He said that there was great potential for both the countries to win contracts in Afghanistan under joint venture.

Tuzmen said that Turkey had acquired a lot of expertise in the construction sector and this expertise coupled with Pakistani skilled labour force and construction material can be a good combination in Afghanistan as well as Middle East.

He said that Pakistan has to further liberalize its tariff structure to boost two-way trade.

—APP