ISLAMABAD: Turkiye wishes to increase bilateral trade with Pakistan to at least $5 billion within the next three years, Turkish Ambassador Dr Mehmet Pacaci said on Tuesday.

Talking to a delegation of Islamabad Chamber of Commerce and Industry (ICCI), Dr Pacaci said trade through roads and railways should be promoted between both countries.

The delegation, led by ICCI President Ahsan Zafar Bakhtawari, called on the Turkish envoy in his office.

Mr Pacaci said Pakistan should upgrade its railway system to make it compatible with the railway system of Turkiye.

He pointed out that trade through the road network could be cheaper due to low prices of oil in Iran.

The ambassador proposed that a committee should be formed, comprising representatives of all stakeholders from both sides to discuss options and modalities for trade promotion through railways and road links.

The two sides discussed options of joint ventures between the business communities of Pakistan and Turkiye.

It was noted that highly developed electric vehicles are manufactured in Turkiye and it could be a potential sector for cooperation with Pakistan.

Dr Pacaci appreciated the initiative of ICCI for organising an International Housing Expo in collaboration with the Ministry of Housing and Works and assured participants that Turkish companies in Pakistan shall participate in the Expo whereas companies and dignitaries from Turkiye would also be encouraged to join it.

Mr Bakhtawari said that despite very cordial relations, bilateral trade between both countries is less than $1 billion, which is not encouraging and both countries should facilitate their private sectors to improve it.

He said that a cargo shipment takes more than 30 days between Pakistan and Turkiye and stressed on the development of efficient road and railway links.

Mr Bakhtawari said the ICCI intended to organise a Pak-Turk Business Forum in Islamabad to bring Pakistani and Turkish companies on one platform for B2B meetings to develop business links in the areas of interest.

Published in Dawn, October 26th, 2022