Türkiye and Pakistan Aim to Elevate Economic Partnership to $5 Billion
David Bergström | AA
In a bid to fortify their longstanding ties, Türkiye and Pakistan seek to elevate their economic cooperation, targeting a bilateral trade volume of $5 billion, as discussed at a forum in Istanbul.
Türkiye and Pakistan are endeavoring to transform their historical camaraderie into substantial economic collaboration, as stated by Turkish Vice President Cevdet Yilmaz during the Türkiye-Pakistan Business and Investment Forum in Istanbul. Yilmaz, speaking alongside Pakistani Prime Minister Shehbaz Sharif, emphasized the deep emotional connections that have historically linked the two nations.
"Now we must make this friendship equally strong in trade, investment, technology, and production," Yilmaz remarked, underscoring the need for enhanced economic interactions. The forum provided an opportunity for both nations to discuss pathways to increased economic synergy.
The forum, attended by key ministers and business representatives from both countries, served as a platform to discuss practical steps to achieve these ambitious economic goals.
Key Figures and Economic Targets
Yilmaz highlighted a bilateral trade volume goal of $5 billion, an aim set by Turkish President Recep Tayyip Erdogan and Prime Minister Sharif. Despite the current annual trade figure of approximately $1.2 billion, Yilmaz believes the target should be raised beyond this 'modest' ambition.
Presently, Turkish investments in Pakistan have exceeded $2 billion, with completed projects by Turkish contractors valued at about $3.5 billion. These investments span crucial areas such as infrastructure and technology.
Yilmaz proposed cooperation in diverse sectors, including automotive, agriculture technologies, food processing, medical devices, renewable energy, and tourism.
New Initiatives in Economic Partnership
A notable proposal discussed was the establishment of a dedicated zone for Turkish investors within the Karachi Industrial Park. Yilmaz endorsed this idea, suggesting it could introduce a strategic dimension to the economic partnership between Türkiye and Pakistan.
Prime Minister Sharif expressed gratitude for Türkiye’s unwavering support for Pakistan, designating Türkiye as one of Pakistan’s 'most loyal allies.' He urged that actionable steps be taken to turn the ideas from the forum into tangible results.
The assembly saw participation from notable figures such as Mehmet Fatih Kacir, Turkish Industry and Technology Minister, and other Turkish and Pakistani ministers, reflecting a broad consensus on the urgency to deepen economic cooperation.
Potential Impact on Urban Development
The initiatives outlined at the forum could significantly impact urban development, with potential investments in infrastructure projects promising enhanced urban connectivity and growth. Cities like Karachi could benefit from Turkish expertise in urban planning and technology implementation.
Furthermore, cooperative efforts in renewable energy could revolutionize public services in urban areas across Pakistan, promoting sustainability and improving quality of life. The establishment of an industrial zone in Karachi for Turkish investors highlights the potential for job creation and economic upturn.
Questions That Matter
What is the trade target for Türkiye?
Türkiye and Pakistan have set a bilateral trade target of $5 billion. This goal was agreed upon by Turkish President Recep Tayyip Erdogan and Pakistani Prime Minister Shehbaz Sharif, with current trade at about $1.2 billion last year.
How much has Türkiye invested in Pakistan?
Turkish direct investments in Pakistan have surpassed $2 billion. Additionally, Turkish contractors have completed 74 projects in Pakistan, worth about $3.5 billion, covering various sectors like infrastructure and technology.