KARACHI, Feb 16: Sindh Governor Mohammdmian Soomro has urged the private sector to explore joint venture partnership with Turkish counterpart to improve the volume of trade between Pakistan and Turkey.
He assured the investors and traders of both the countries that the government is taking every step to implement trade incentives.
Speaking at the inauguration of first Grand Turkish Trade Exhibition at the Expo Centre on Saturday, he said in the last five years, the two-way trade has increased from $134 million to $160 million but it is quite minimal keeping in view the potential between the two countries. He said there are great scope for expanding the volume in future.
He identified areas like coal, mineral, copper, cotton and textile, leather, ceramics and steel as potential sectors in which trade between the two countries could be enhanced. There is a need for collaboration in banking, pharmaceuticals, construction, housing, financial service and education sectors.
He said religious and cultural affinity adds further substance to our history of shared understanding on international issues.
Governor said that Turkish companies have excellent opportunities to tap a number of thinly competitive and heavily rewarding areas as Pakistan is swiftly expanding its consumer market.
It is good to see that Turkey has not only identified Pakistan as a potential economy with expanding markets but has also taken the initiative to boost mutual trade cooperation between the two countries. Soomro expressed the hope that the exhibition will pave the way for new joint venture, and new markets will be found.
Ali Ulusoy, Vice Chairman, Turkish Union of Chamber of Commerce and Industries and Commodity, (TUCCIC) said that lack of direct maritime and road transportation between the two countries is the main obstacle in expanding trade volume.
He said efforts are being made to resolve the trade route problem.
Bulent Kosmaz, Board Member, TUCCIC, said Turkey aims to enhance the cooperation between the small and medium enterprises of the countries to further enrich and expand bilateral relations.
He said unfortunately economic relations between the two countries have not reached a satisfactory level, but Pakistan could be a very important partner. This partnership has become more important for regional stability after September 11 incidents.
The cooperation of the two countries in the Afghanistan’s reconstruction is pivotal for the long-term stability in the region, he said.
Bulent said there is a need to sign a Road Transport Agreement. There are also some problems in the contracting and banking sectors which need to be underlined.
Rona Yircali, Chairman, Foreign Economic Relations Board of Turkey, said that the post-September 11 makes Pakistan and Turkey’s cooperation more important. “Both the countries should make the cooperation multi-dimensional.”
On Afghanistan’s reconstruction, he said both the countries fully understand the needs of this nation and have the capacity to support its effort for a smooth transition towards a more developed economy and democracy.
He emphasized the need for removing the bureaucratic hurdles to bilateral business contracts.
Around 31 Turkish companies have displayed their products in the exhibition, which include textile, electrical and electronic items, auto parts, food products, machinery and construction items.
FPCCI: Later at the FPCCI Head Office in Clifton, Sait Gonen, Co-Chairman of Pakistan-Turkish Business Council said that tourism can be a best way of knowing each other.
He urged the private sector to come forward and demonstrate similar closeness of relationship in the business and investment sphere.
Secretary Board of Investment (BoI), Shuja Shah gave a complete picture of Pakistan’s investment climate and incentive package. He offered the support of the BOI to Turkey, saying that both the countries have got a good opportunity to work jointly in the reconstruction and rehabilitation of Afghanistan.
The chairman, Pakistan-Turkey Business Council (PTBC) of the FPCCI, Amjad Rafi said that lack of data and adequate information is a big hurdle to bilateral trade and investment. He proposed to set up a data bank with proper information dissemination system in order to create awareness about other opportunities existing between the two countries.
He called for more exchange of delegation and holding of exhibitions. He hoped that the upcoming visits of Turkish delegation may swing the trade pendulum in their direction. He said the PTBC forum is planning to hold an exhibition of Pakistani products in Turkey in near future.
The President, FPCCI, Iftikhar Ali Malik, expressed optimism that Pakistan has a very bright future with the anticipated flow of foreign investment in the next five years. He said Turkish companies should now join hands with the Pakistan private sector and invest capital in joint ventures to reap the future economic benefits.