Karachi, January 25, 2016 (PPI-OT): Members of a delegation from Turkey underscored the need for signing Free Trade Agreement (FTA) with a view to boost the existing trade ties between Pakistan and Turkey. Exchanging views during their visit to Karachi Chamber of Commerce and Industry, the delegation members, representing Turkish electrical appliances sector, expressed keenness to share technology and undertake joint ventures with their counterparts in Pakistan.
The Turkish delegation, which was led by Dr. Guven Uckan Vice President of Electrical Electronics and Services Exporters Association (EESEA) Turkey, comprised of Mr. Mehmet Kavakhoglu Vice President EESEA, Mr. Atilla Eren Member Management Board EESEA and Mr. Hakan Ozturk Member Management Board EESEA while Murat Mustu Commercial Attaché of Consulate General of Turkey also accompanied the delegation.
Younus Muhammad Bashir President KCCI, Zia Ahmed Khan Senior Vice President KCCI, Muhammad Naeem Sharif Vice President KCCI, Muhammad Ibrahim Kasumbi Former SVP KCCI, Muhammad Idrees Chairman KCCI Special Committee for My Karachi Exhibition and KCCI Managing Committee members were also present at the meeting.
Speaking on the occasion, Murat Mustu Commercial Attaché of Turkish Consulate in Karachi informed that it was the second delegation as a similar delegation from Jewellers Association of Turkey also visited Karachi last year which succeeded in building goods business relations with their counterparts in Pakistan.
Commenting on production of electrical appliances and machineries being produced in Turkey, he particularly mentioned that high quality textile machineries were being produced in Turkey and the same were being exported to the European Union. These products were much better as compared to similar machineries being produced by China, he claimed, adding that these machineries and electrical equipment can also be exported to Pakistan but the Custom duty rates were a bit high which can only be reduced by signing the FTA which was currently being negotiated.
Leader of the delegation, Dr. Guven Uckan said that Turkish companies want to enhance business with Pakistan by holding business-to-business meetings and seek ways on how to do business together. “We want to do business by undertaking joint ventures either in your country or in our country and we are looking forward to sharing technology with Pakistan”, he added.
He hoped that FTA between the two countries will soon be inked, which would surely create a win-win situation for the business communities of the two brotherly countries. Earlier, while welcoming the delegation, Younus Muhammad Bashir President KCCI said that it was heartening to note that numerous delegations representing various sectors of Turkish economy have been visiting KCCI from time to time with a view to look for opportunities of enhancing trade and investment between the two brotherly countries.
He said that both countries were all weather friends and their economic ties were based on longstanding and deep rooted bilateral relationship providing economic and political support to each other. “Pakistan and Turkey have significant trade volume where Pakistan exported commodities of worth $322.60 million while imported commodities of worth $238.45 million during 2014-15, showing a trade balance of $84.15 million in favour of Pakistan”, he added.
He pointed out that Pakistan was a major importer of electrical and electronic items from around the world and there exists a growing demand of such products in the country. “In fact, the home appliances business is thriving and key market players expect consumer demand to surge as households generally replace their old appliances with newer models”, Younus Bashir said, “Pakistan’s consumer electronics market is expected to grow by an annualized average of about 13.3 percent to $3.3 billion by 2016. Although, Refrigerators, Deep Freezers, Air conditioners are being manufactured within the country, yet the industry depends on imported Compressors for manufacturing these items.”
He was of the opinion strong potential for Turkish businessmen exist who can undertake joint ventures with local businessmen to establish manufacturing and assembly lines in Pakistan while capitalizing on the abundant and cost effective resources available here. It would also open opportunities for Turkish businessmen to further reach out to the landlocked Central Asian Countries.
He also invited the Turkish delegation to participate in KCCI’s forthcoming 13th My Karachi – Oasis of Harmony exhibition scheduled to be organized at Karachi Expo Enter from 25th to 27th March 2016. This three-day long event will provide an excellent opportunity to Turkish businessmen and industrialists to showcase their electronic goods and appliance in front of around 1 million visitors, besides create strong linkages with the business and industrial community of Karachi by holding B2B meetings in a cordial atmosphere.
For more information, contact:
Director Press/Electronic Media and Public Relations
Karachi Chamber of Commerce and Industry (KCCI)
Aiwan-e-Tijarat Road, Off Shahrah-e-Liaquat,
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