KARACHI, Dec 11: The Chairman, Export Promotion Bureau (EPB), Tariq Ikram, on Wednesday said that there is great scope of cooperation between Turkey and Pakistan in the complimentary industries of automobile industry.
Speaking at the inaugural session of two-day ‘Turkish Autoparts Industry Catalogue Show’, the EPB chief said that in the past both the countries had looked to the West but now time has come to develop more closer trade relation.
Appreciating the event, Tariq said such exhibitions and and exchange of trade delegations are necessary to expand trade ties between the two countries.
He felt that it would be more easy for the business communities of both the sides to further expand trade when they already have strong religious, historical and cultural bondages.
Despite the fact that Turkey is amongst top 20 countries with whom Pakistan has trade relations but on looking at the volume of external trade of each country the current level of two-way trade is not encouraging.
After having negative balance of trade with Turkey for the last three years, Pakistan is now having a favourable balance as more Pakistani products have find their way into Turkish markets. There is about 80 per cent increase in exports from Pakistan and today Turkey is among top 10 countries importing cotton fabrics and yarn and one of the top 20 countries importing leather and leather goods from Pakistan.
Lately there had been more inter-action between the business community of both the countries and once a desirable volume of trade is attained one can even hope of joint ventures and investments opportunities between the two countries.
Tariq said that the EPB is focusing on top 20 trading partners and Turkey is one of these countries with whom a lot more business expansion could be achieved.
Compared to autoparts exports of around $23 million being made by Pakistan, he said, Turkey automobile industry is currently exporting double the amount of total exports of Pakistan. This indicates the development the auto industry has achieved in Turkey.
Looking at the dismal figures of trade between both the countries, Tariq Ikram said there is a long way to go to develop business relations which truly reflect the warm and brotherly relations between both the nations.
He said there is a great scope in having close cooperation in complimentary automobile industry and advised both the sides to explore full potential of each markets for the greater benefit of both the countries.
The Consul General of Turkey, Dr Fevzi Uslubas speaking on the occasion said that with Turkey’s external trade of up to $85bn per annum the present two-way trade between the two countries stands at $150 million.
Vice President FPCCI Tanveer Shaikh stressed upon having shipping service between both the countries and said it was necessary to enhance trade. He said that both should also explore the markets for non-traditional items.
Amjad Rafi president Pak-Turkey Business Council lauded the efforts of the Turkish business community in promoting trade relation.