Karachi: The Federation of Pakistan Chambers of Commerce and Industry (FPCCI) has announced a concerted effort to elevate Pakistan-Turkiye bilateral trade from its current $1 billion to an anticipated $5 billion. This initiative was highlighted during an invitation by Turkiye’s Consul General in Karachi to a multi-sectoral business delegation from Pakistan to explore trade and economic cooperation opportunities.
According to Federation of Pakistan Chambers of Commerce and Industry, Mr. Saquib Fayyaz Magoon, Acting President of FPCCI, emphasized the significant trade potential between the two nations. He noted that tangible steps are being planned to capitalize on this potential, especially through the export of Pakistani value-added textiles, leather goods, processed foods, IT services, sports goods, and surgical equipment.
Mr. Asif Sakhi, VP of FPCCI, pointed out that Turkiye’s advanced capabilities in sectors like electric vehicles, renewable energy, and artificial intelligence present valuable opportunities for industrial collaborations. He suggested that Pakistan could offer land and labor for such ventures, potentially boosting its industrial sector and job creation.
Mian Zahid Hussain, Chairman of FPCCI’s Policy Advisory Board, highlighted the positive impacts of the Pak-Turkiye Preferential Trade Agreement, which resulted in a trade surplus of over $100 million for Pakistan in 2023. This underscores the growing economic partnership and mutual benefits arising from strengthened ties.
Mr. Salman Tufail, Chairman of the Pakistan-Turkiye Joint Business Council at FPCCI, recommended prioritizing collaboration in agriculture, technology, and entertainment, noting Turkiye’s advancements in agritech and the entertainment industry. He advocated for inviting Turkish investments in Pakistani film studios, theatres, sports complexes, and theme parks to bolster the entertainment sector.
H.E. Mr. Cemal Sangu, Consul General of Turkiye in Karachi, urged immediate action to exploit the substantial economic, commercial, and trade potential between the two populous nations. He proposed several specific initiatives, including agricultural land acquisition by Turkish investors, importation of high-tech engineering equipment from Turkiye, synchronization of railway systems among Pakistan, Turkiye, and Iran, and forging closer business-to-business and chamber-to-chamber relationships.
These discussions reflect a strategic commitment by both countries to enhance their economic ties and achieve substantial growth in bilateral trade.