ISLAMABAD: Prime Minister Shehbaz Sharif on Wednesday invited Turkish businesspersons to invest in Pakistan, saying economic collaboration would be a “win-win” for both nations, especially in the textile and automotive industries.
PM Sharif is on his first visit to the transcontinental nation since assuming office in April. He arrived in the Turkish capital of Ankara on Tuesday with a high-level political delegation while business leaders from Pakistan and representatives of leading companies across sectors also traveled separately to participate in business engagements. Sharif will meet the Turkish president one-on-one during the visit and also hold delegation-level talks.
Pakistan enjoys cordial relations with Turkey, with whom it has often collaborated in the areas of defense, culture, business and trade. Turkish companies have invested more than $1 billion in different sectors in Pakistan, including construction, power, solid waste management, hygiene products, electronics and dairy.
“Great investors are sitting here on my left,” Sharif said while speaking at a ceremony organized by the Turkey-Pakistan Business Council. “Experts and experiences with you [will be invaluable for Pakistanis]. Please come to Pakistan.”
Sharif praised Turkish businesspersons and stated Pakistan’s desire to engage with them: “Today, we are here to seriously engage ourselves with you because you are very serious-minded business people, and your achievements are outstanding and a shining example for all of us.”
The Pakistani prime minister stressed the importance of cooperation and joint ventures between the two countries in the automotive and textile sectors.
“Pakistan has a buoyant automotive industry and yours is far superior, no doubt about it,” Sharif said. “But then, there is a question of competition. In order to promote our sales, not among the two countries but also in the world, let’s collaborate.”
Sharif said Pakistan and Turkey could collaborate to produce automotive parts at a low cost as Pakistan’s labor was cheaper compared to Turkey. He said the strong textile industries of both Pakistan and Turkey could also engage in a “win-win collaboration.”
A day earlier, Sharif addressed the Pakistan-Turkey Business Council Forum and interacted with the Union of Chambers and Commodity Exchanges of Turkey (TOBB) in Ankara.
“The Prime Minister underscored his resolve to take the Pakistan-Turkey relationship to newer levels in all dimensions,” the PM office said in a statement on Tuesday. “In particular, he said that deepening trade and economic engagement between Turkey and Pakistan was the main focus of his visit.”
“In order to translate excellent bilateral relations into an enhanced trade and economic partnership between Turkey and Pakistan, he urged business communities of the two countries to set a target of increasing trade to USD 5 billion over the next three years,” the PM House said. “He assured the business community that his government will do everything necessary to help achieve this target.”