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Karachi, The Turkish Ambassador to Pakistan, H. E. Dr. Mehmet Pacaci, during his visit to the FPCCI Head Office in Karachi, projected that the trade volume between Turkey and Pakistan could soon reach an estimated $5 billion. This projection was shared by Mr. Irfan Iqbal Sheikh, the President of FPCCI, who underscored the importance of leveraging Pakistan’s recent inclusion into the TIR convention and the Trade in Goods Agreement (TGA) signed between the two nations.
Mian Anjum Nisar, former President of FPCCI, highlighted several areas of untapped potential for cooperation between the countries, including modern agricultural technologies, advanced defense production, alternative energy sources, the food and beverages industry, and the hospitality and tourism sector.
The Senior Vice President of FPCCI, Mr. Muhammad Suleman Chawla, emphasized the need for Pakistan to seek out new export opportunities to Turkey, pointing out that the current bilateral trade volume of $1.3 billion is not reflective of the true potential. He also mentioned the significance of fostering industrial collaborations and technology transfer to bolster economic ties.
Engr. M. A. Jabbar, VP FPCCI, expressed concerns regarding the gap between the strong emotional and strategic ties with Turkey and the relatively subdued economic relations. He called on the Special Investment Facilitation Council (SIFC) to shift its focus towards Turkey, believing their efficient decision-making could facilitate Turkish investments in Pakistan.
Chairman of FPCCI’s Pakistan – Turkiye Joint Business Council (PTJBC), Mr. Amjad Rafi, proposed the establishment of an efficient currency swap agreement between the countries. He also shed light on the advantages of land-based cargo under TIR, noting it reaches Istanbul in less than two weeks, slashing transportation time and costs when compared to sea-based cargo. This information was sourced from the Federation of Pakistan Chambers of Commerce and Industry (FPCCI).
Ambassador Pacaci expressed optimism about the future, forecasting that long-term bilateral trade could burgeon to a remarkable $20-25 billion. He emphasized the significance of Pakistan, with its nearly 250 million population, to Turkey’s economic interests. In addition, he advocated for stronger people-to-people (P2P) connections and encouraged the utilization of shared multilateral platforms like the OIC and ECO to enhance bilateral ties.
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