Pakistan Industrial and Traders Associations Front urges business community to initiate joint ventures with their Turkish counterparts

Lahore, April 23, 2014 (PPI-OT): Pakistan Industrial and Traders Associations Front (PIAF) on Wednesday urged the business community to initiate joint ventures with their Turkish counterparts as Turkey is one of the few countries where a huge potential exists for mutual business.

The PIAF Chairman Malik Tahir Javaid said that that during his recent visit to Turkey, he found the Turkish businessmen quite keen to join hands with their Pakistani counterparts in all sectors of the economy. “It was high time that we should shift our focus towards a country that was already doing a lot for us.”

Malik Thair Javaid said that exchange of business delegations was a best strategy to tap the existing potential of a country that is gateway to Europe and any business done in that country would not only give European exposure to the Pakistani businesses but would help bring in technological advancements being applied over there.

He said that technology transfer is an area where a little attention could do miracles for the economic well being of Pakistan. He said that there was no doubt in it that Turkey had already done a great job for Pakistan in general and for the province of Punjab in particular. He said that the Waste Management System operation in Punjab and Metro Bus projects were the best examples that have in parallel in our history.

The PIAF Chairman said that the Business community visits would enable them to have firsthand knowledge about the available business opportunities. He said that Turkey for being second fastest growing economy of the world after China and first in the European Union has a lot to offer to their Pakistani counterparts and they should avail the available opportunities.

He said that both the countries have marvellous untapped business potential that needs to be realized by maximizing the involvement of private sectors of the two countries. He hoped that the economic relation between the two countries would strengthen further to create a win-win situation for Pakistan and Turkey.

He said that in 1980 the Turkish exports were $4 billion while Pakistan’s were $3.81 billion and today Turkey is exporting goods worth $114 billion while Pakistan’s total exports are just $25 billion and Turkey has become 16th strongest economy of the world. He said, “We can strengthen our economy by adopting the development and progress of Turkey as model.”

“Although the balance of trade has been in favour of Pakistan but in true sense, this favourable situation is not drawing many benefits. In order to make most of international trade, Pakistani businessmen should identify areas of economic cooperation in all sectors of the economy.

Some analysts presume that the trade volume between Turkey and Pakistan can be increased as high as US$ 2 billion with some joint efforts made by public and private sectors of both the countries. For that matter, bilateral arrangements and early implementation of regional trade agreements such as the ECO Trade Agreement have become the need of the hour. He said that time has come for making social, cultural and economic alliances to overcome the challenges.

For more information, Contact:
Khalil-ur-Rehman
Pakistan Industrial and Traders Associations Front
110/s Kot Lakhpat Industrial Estate
Lahore, Pakistan
Phone: (92) 42 5123522
Fax: (92) 42 5123522
Email: Info@piaf.pk

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