Turkish companies keen to initiate joint ventures with Pakistani counterparts

LAHORE –– The Chairman Turkish-Pak Business Council (TPBC), Huseyin Akin, has said that Foreign Direct Investment would get a considerable boost soon as a number of Turkish companies are working out sector-specific investments through joint ventures with their Pakistani counterparts.

He was speaking at a Business Forum jointly organized by Lahore Chamber of Commerce and Industry and Punjab Board of Investment and Trade (PBIT).

LCCI President Shahzad Ali Malik, and Chief Executive Officer PBIT Saadat Muzaffar also spoke on the occasion.

The TPBC Chairman, who was heading a 13-member strong business delegation, said that growing Punjab GDP and an attractive business atmosphere present a great case for Turkish Corporations to make investment in this country. He said that the high profile visits in recent past from Pakistan give further motivation to Turkish businessmen towards their commitment to do business in Pakistan.

Giving a detailed presentation on available business opportunities in Punjab, the CEO PBIT Saadat Muzaffar reiterated to keep enhancing the immense trade potential between the two countries. He provided key sectoral information to the Turkish delegation in the relevant areas of Livestock, Construction and Energy. Saadat Muzaffar further said that Turkish delegation’s visit would help build a strong business linkage between prominent Turkish companies and Pakistan based stakeholders.

CEO PBIT said Turkey and Pakistan should identify areas of economic cooperation especially in sectors like textiles, leather & footwear, fresh fruits, sports goods & surgical items etc. Turkey can do value addition by importing raw material and semi-finished goods from Pakistan for onward marketing to European countries.

Saadat Muzaffar said that this interest from Turkey has come at an opportune time and it is expected that there will be potential joint ventures resulting from business activity such as this. He told that this event has also enabled Turkish investors to determine the political will of Punjab Government to make doing business easy and hassle-free.

The LCCI President, Shahzad Ali Malik, while appreciating Chief Minister Mian Shahbaz Sharif for accelerating the two-way interaction, sought Turkish cooperation to overcome energy shortage in Pakistan. He said energy was an important issue for Pakistan’s economic growth and Turkey has vast experience of exploiting hydro and other energy sources.

Shahzad Ali Malik said that there is a huge potential to enhance two-way trade as the existing bilateral trade volume is just tip of the iceberg. The amount of our two way trade itself speaks to a great volume as it has been averaging around US$ 600 millions from the last four years.

Shahzad Ali Malik said that Pakistan is pursuing economic development through market liberalization therefore Turkish entrepreneurs should come forward and establish a special economic zone for Turkey in Pakistan and enter into joint ventures with Pakistani businessmen. At the end of the meeting, B2B meetings were also held at the Lahore Chamber of Commerce and Industry.

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