Turkish Ambassador at FPCCI Near-term Trade Potential Estimated at $5 Billion Irfan Iqbal Sheikh

By web desk On Oct 17, 2023

Karachi (PR): Mr. Irfan Iqbal Sheikh, President FPCCI, has apprised that H. E. Dr. Mehmet Pacaci, Turkish Ambassador in Pakistan has estimated that Pakistan and Turkiye can easily reach bilateral trade volume of $5 billion in the near-term.

Mr. Irfan Iqbal Sheikh added that, in this regard, we should capitalize on the opportunities made available by Pakistan’s inclusion into TIR convention pertaining to land-based cargo and Trade in Goods Agreement (TGA) signed between the two countries. It is pertinent to note that H. E. Dr. Mehmet Pacaci visited FPCCI Head Office in Karachi with his team of senior Turkish diplomats.

Mian Anjum Nisar, former President FPCCI, explained that there is an enormous but yet untapped potential for Pakistan & Turkiye to forge partnerships in modern agricultural technologies; advanced defense production; alternative & renewable energy; food & beverages industry and hospitality & tourism – as Turkiye is at par with many other developed countries in these highly-productive sectors of the economy.

Mr. Muhammad Suleman Chawla, SVP FPCCI, stressed that Pakistan should aggressively explore new avenues to export to Turkiye as current bilateral trade volume of $1.3 billion is way below the true potential; and, expansion of economic relations must incorporate industrial collaborations and transfer of technology.

Engr. M. A. Jabbar, VP FPCCI, expressed his profound concerns that the emotional and strategic relations with Turkiye have not translated into trade, investments and economic relations. He also called upon the august forum of Special Investment Facilitation Council (SIFC) to focus on Turkiye; as their rigorous decision-making process and one-window modus operandi can greatly help in bringing Turkish investments into Pakistan.

Mr. Amjad Rafi, Chairman of FPCCI’s Pakistan – Turkiye Joint Business Council (PTJBC), maintained that Pakistan & Turkiye should put in place a practical and efficient currency swap agreement to overcome lack of commercial banking channels and other issues with corresponding banks. He also informed that land-based cargo under TIR reaches Istanbul in less than two weeks; which is around 30 percent of the time required through sea-based cargo. Cost of goods transportation can also be more than halved through this manner, he added.

H. E. Dr. Mehmet Pacaci, Ambassador of Turkiye in Pakistan, stated that, in the long-term, bilateral trade between Pakistan & Turkiye can reach $20 – 25 billion. Additionally, a country with close to 250 million population is very important for Turkiye economically.

H. E. Dr. Mehmet Pacaci added that people-to-people (P2P) linkages are very important in the peculiar case of Turkiye & Pakistan. We should make full use of mutually-shared multilateral platforms as well; like, OIC & ECO, he added.