Turkish Consul General Encourages Pakistani Industrialists to Invest in Turkey’s Free Zones

Karachi, In a significant move to boost bilateral trade, Turkish Consul General Jamal Sanghu announced opportunities for Pakistani industrialists to invest in Turkey’s free zones. This initiative, aimed at enabling tax-exempt exports to the European market, was revealed during his visit to the Korangi Association of Trade and Industry (KATI).

According to Korangi Association of Trade and Industry, Consul General Sanghu emphasized the potential for increasing the current trade volume between Turkey and Pakistan, which stands at $1.3 billion considered very low given the long-standing relations and economic potentials of both nations. He noted that on the recommendation of KATI, immediate visas would be issued to facilitate this investment opportunity. Additionally, a trade mission will be established, focusing on three or four key sectors, under the patronage of the Turkish government to provide comprehensive support and facilities to Pakistani investors.

KATI President Johar Ali Kandhari highlighted the need to enhance bilateral cooperation, citing the underutilized preferential trade agreement signed in August 2022. He pointed out the vast opportunities in sectors like Islamic finance, halal food, tourism, and education under the China-Pakistan Economic Corridor (CPEC) framework. The session also addressed the need for easier visa policies and more awareness of high-quality products from both countries to overcome the current trade stagnation.

Further discussions at the meeting covered the contributions of Turkish companies to Pakistan’s economy, with investments totaling $800 million since 2016, particularly in areas like research and development, which are poised to advance Pakistan’s capabilities in these fields. The gathering also touched on the potential for educational partnerships, with Turkey offering scholarships to Pakistani students and Turkish universities showing interest in establishing campuses in Pakistan.

The discussions concluded with calls for stronger ties through joint ventures and the promotion of tourism and other sectors where both countries have substantial growth potential.

The post Turkish Consul General Encourages Pakistani Industrialists to Invest in Turkey’s Free Zones appeared first on Pakistan Business News.