Pak-Turkey bilateral trade crosses $1bn mark

President FPCCI Mian Nasser Hyatt Maggo praised the opening of commerce and travel along roads between Pakistan and Turkey. In a historic event, the first land cargo freight will be shipped from Pakistan to Turkey via the ITI corridor from Istanbul to Tehran and Islamabad. He noted that one of the main commercial barriers was transportation; and, now, considerable time will be saved.

This was a prominent meeting for the Pakistan-Turkey Joint Chamber of Commerce and Industry, as it was the fourth gathering in the forum’s history. It was a meeting in which the participation of the highest level diplomats from both nations, the leaderships of business, industry, and commerce from both countries, and the high-ranking functionaries of the governments of both countries were present.

As Ambassador of the Republic of Turkey to Pakistan, HE Ihsan Mustafa Yurdakul mentioned that Turkish bilateral trade in the amount of approximately $1 billion dollars can easily be elevated to $5 billion dollars, assuming that B2B relations are strengthened and appropriate sectors and industries are targeted.

Deputy Head of Mission Arshad Jan Pathan, representing the Embassy of Pakistan in Turkey, fully supported the mission in Turkey in helping to develop trade relations to their full potential. To illustrate another business potential, he pointed out the upcoming tourism opportunities, China Pakistan Economic Corridor (CPEC), and Special Economic Zones (SEZs). He also spoke about the road-based truck transportation that begins in Pakistan and terminates in Turkey in October for which Pakistan’s Mission is providing the necessary facilities for customs and transportation.

As an important member of the construction team for the success of the recent event, Amjad Rafi, the main architect of the event, as well as one of the Co-Chairs of the Pakistan-Turkey Joint Chambers of Commerce and Industry Forum, expressed gratitude to the audience; and, hoped that the momentum and the mechanism which was established by the Pakistan-Turkey Joint Chambers of Commerce and Industry Forum will continue to bear fruit in the years to come and enhance the economies of both countries.

After a 10-year gap, the bilateral trade volume between Pakistan and Turkey has just passed one billion dollars, a landmark that was previously surpassed in 2011.

Associate Professor Dr Omer Bolat, who is on the Turkish side of the Turkey-Pakistan Cooperation in the Non-Conventional Sector Forum, predicts that non-conventional sectors will become increasingly relevant as far as bilateral trade is concerned. This will mean that trade volumes will grow even further.

Turkish Chamber of Commerce and Industry President M. Rifat Hisarciklioglu talked about the historical and humanitarian dimensions of Turkey-Pakistan relations and highlighted the need of evaluating economic and commercial ties.

Pakistan’s HE Bilal Khan Pasha, Turkish Consul General, remarked that, despite all the problems posed by COVID, trade between Pakistan and Turkey has remained robust and resilient; and he looked forward to seeing both countries continue to defy those obstacles. Both sides provided well-reasoned presentations on the tourism potential and possibilities for bringing business between the two countries — as well as on the religious, cultural, medical, and economic aspects of tourism.

Also in attendance were Aftab Ur Rehman, MD PTDC; Necip Boz, advisor to the Turkish Travel Association; Abdullah Deniz, the presidency of the Republic of Turkey Investment Office; Imran Khan, FSandR (Pvt.) Ltd. board of directors; and Shahid Ahmed Khan, Director FSandR (Pvt.) Ltd. Zubair Haider Sheikh, CEO of Lumina Consulting Services (Private) was in charge of running the Session.