Turkish Consul General Eyes Stronger Economic Ties with Pakistan

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Lahore: The Turkish Consul General, Durmus Bastug, visited the Lahore Chamber of Commerce and Industry on Monday to explore opportunities for expanding trade and investment between Turkey and Pakistan. Discussions centered on enhancing collaboration in trade, investment, technology, tourism, and agriculture, as well as regularly exchanging business delegations.

During the meeting, Bastug highlighted the presence of Turkish companies in Pakistan as a sign of investor confidence. He emphasized the importance of strengthening business-to-business relations and expressed Turkey’s interest in joint ventures with Pakistani counterparts. Bastug assured that efforts are underway to elevate bilateral trade and cooperation, noting the bond of brotherhood and mutual respect shared by the two countries.

LCCI Vice President Shahid Nazir Chaudhry praised the historical and cultural ties between Pakistan and Turkey, underscoring the countries’ roles in the Organization of Islamic Cooperation. Despite this strong relationship, Chaudhry pointed out that the current bilateral trade volume is modest, with Pakistan’s exports to Turkey at $337 million and imports at $491 million for FY 2023-24.

Chaudhry stressed the need to unlock untapped trade potential and fully utilize the Trade in Goods Agreement that took effect in May 2023. He expressed optimism about increasing trade volume to at least $5 billion in the coming years through mutual collaboration, particularly in textiles, construction, food processing, pharmaceuticals, and IT.

The LCCI Vice President highlighted the role of business institutions in strengthening bilateral ties and assured that the Lahore Chamber is ready to lead efforts in promoting joint ventures, hosting trade delegations, and organizing business forums. He also noted that the Turkish Consulate General in Lahore could be a vital link between Turkish investors and the Pakistani business community, especially in a dynamic city like Lahore.