ISLAMABAD: After enforcing a Free Trade Agreement (FTA), a high-level Turkish business delegation arrived on Thursday to explore investment opportunities and remove barriers to increasing bilateral investment.

The Turkish business delegation is in Islamabad, led by Trade Minister Prof Dr Omer Bolat, and has met with Federal Minister for Board of Investment, Privatisation, and Communications Abdul Aleem Khan and Finance Minister Muhammad Aurangzeb to discuss potential investment prospects.

Minister Bolat 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. He said the economic, business and bilateral ties are going to be a new beginning, as Turkiye will also ensure all possible cooperation in all circumstances.

Turkish business leaders proposed increasing bilateral investment in various sectors, including infrastructure. Representatives of Pakistan’s main commercial institutions welcomed Turkiye’s proposals and said that Turkiye can develop better with its modern machinery and Pakistan with its raw materials.

Visiting delegation proposes increasing investment in infrastructure

In a meeting with the finance minister, Mr Bolat highlighted Prime Minister Shehbaz Sharif and President Erdogan’s shared commitment to strengthening bilateral ties, with a particular focus on increasing trade and investment. He identified key sectors for potential investment, including services, health, education, medicine, and fashion.

Finance Minister Muhammad Aurangzeb acknowledged the significance of historical and cultural ties between Pakistan and Türkiye and provided an update on Pakistan’s improving economic fundamentals, including a stable currency, foreign exchange reserves exceeding $9 billion, and declining inflation rates.

He informed Mr Bolat of a recent staff-level agreement with the International Monetary Fund to ensure long-term stability. He outlined ongoing reforms in taxation, energy sector and state-owned enterprises. The minister also highlighted the role of the Special Investment Facilitation Council (SIFC) in streamlining investment processes and attracting foreign direct investment.

Both ministers reiterated their dedication to strengthening bilateral relations and expanding trade volume. Mr Aurangzeb assured Minister Bolat of the Pakistan’s commitment to supporting investors by streamlining regulations supporting ease of doing business.

Roundtable

Meanwhile, Mr Bolat and Privatisation Minister Abdul Aleem Khan co-chaired a Round Table Business Conference.

Deputy Trade Minister of Turkiye Mustafa Tuzcu, the Ambassador to Pakistan, Mehmet Pacaci, and the presidents of various trade chambers of Turkiye were also present. At the same time, prominent business community figures from Pakistan joined this session.

While addressing the conference, Mr 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 because now is a prime time to increase the economic activities between Turkey and Pakistan.

Mr Khan welcomed the business community’s interest in Turkiye and said that it would benefit both countries and that all possible support would be provided.

Published in Dawn, August 9th, 2024