Karachi, October 17, 2023 – Dr. Mehmet Pacaci, the Ambassador of Turkiye in Pakistan, has expressed his belief that, in the long-term, bilateral trade between Pakistan and Turkiye can potentially reach an impressive $20 – $25 billion.
He emphasized that Pakistan, with its close to 250 million population, holds significant economic importance for Turkiye.
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Dr. Mehmet Pacaci underlined the significance of people-to-people (P2P) connections between the two countries and stressed the need to make the most of mutually-shared multilateral platforms, such as the Organization of Islamic Cooperation (OIC) and the Economic Cooperation Organization (ECO).
The Turkish Ambassador shared his perspective during a meeting with office bearers of the Federation of Pakistan Chambers of Commerce and Industry (FPCCI).
On this occasion, FPCCI President Irfan Iqbal Sheikh apprised Dr. Mehmet Pacaci, the Turkish Ambassador to Pakistan, that both countries have the potential to enhance their bilateral trade volume to $5 billion in the near term. Sheikh also highlighted the importance of leveraging the opportunities presented by Pakistan’s inclusion in the TIR convention for land-based cargo and the Trade in Goods Agreement (TGA) signed between the two nations.
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The meeting took place at the FPCCI Head Office in Karachi, with the presence of H.E. Dr. Mehmet Pacaci and a team of senior Turkish diplomats.
Mian Anjum Nisar, former President of FPCCI, emphasized the enormous but as yet untapped potential for Pakistan and Turkiye to collaborate in areas such as modern agricultural technologies, advanced defense production, alternative and renewable energy, the food and beverage industry, and hospitality and tourism. He noted that Turkiye is on par with many other developed countries in these highly-productive sectors of the economy.
Muhammad Suleman Chawla, SVP of FPCCI, stressed the need for Pakistan to aggressively explore new avenues for exports to Turkiye. He pointed out that the current bilateral trade volume of $1.3 billion falls far short of the true potential, and he called for the expansion of economic relations to include industrial collaborations and technology transfer.
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Engr. M. A. Jabbar, VP of FPCCI, expressed concerns about the gap between the emotional and strategic relations between Pakistan and Turkiye and the lack of progress in trade, investments, and economic relations. He urged the Special Investment Facilitation Council (SIFC) to focus on Turkiye, as their decision-making process and one-window approach could greatly assist in attracting Turkish investments to Pakistan.
Amjad Rafi, Chairman of FPCCI’s Pakistan-Turkiye Joint Business Council (PTJBC), proposed the establishment of a practical and efficient currency swap agreement to overcome issues with commercial banking channels and corresponding banks. He also highlighted that land-based cargo under the TIR system can reach Istanbul in less than two weeks, which is approximately 30 percent of the time required for sea-based cargo, and this can significantly reduce the cost of goods transportation.
