Ambassador of the Republic of Turkiye, Mehmet Pacaci, paid a courtesy call on Federal Minister for Economic Affairs, Ahad Khan Cheema, on Monday. The discussion included plans to establish a branch of a Turkish bank in Pakistan, aiming to further solidify economic ties between the two nations.
The meeting focused on reinforcing the longstanding brotherly relations between Turkiye and Pakistan, with a particular emphasis on elevating economic cooperation to new heights. Minister Cheema lauded the signing of the Trade in Goods Agreement/Preferential Trade Agreement (PTA) on 12 August 2022, describing it as a significant step forward.
The minister informed the envoy about the establishment of the Special Investment Facilitation Council (SIFC), designed to attract investments from friendly countries. He highlighted the potential for Turkish investment in Pakistan, especially in agricultural machinery, equipment, and large-scale corporate farming.
Minister Cheema also underscored the untapped potential in bilateral trade and investment, stressing the importance of enhancing collaboration through government-to-government (G2G) and business-to-business (B2B) arrangements.
Ambassador Pacaci expressed his gratitude to the minister and acknowledged the brotherly relations between the two nations. He reiterated Turkiye’s eagerness to explore avenues for expanding bilateral trade through the High-Level Strategic Cooperation Council (HLSCC) and the Strategic Economic Framework (SEF). The ambassador emphasized fostering cooperation in sectors such as energy, banking, commerce, railways, and tourism.
Plans for the next session of the HLSCC, expected to convene soon, were also discussed. The upcoming session will focus on increasing the volume of trade to $5 billion, reflecting the mutual commitment to deepening economic ties.
The meeting concluded with both parties expressing optimism about the future of Turkiye-Pakistan economic relations and their potential to significantly benefit both nations.