Federation of Pakistan Chambers of Commerce and Industry (FPCCI) has announced that a multi-sectoral business delegation will visit Turkey to explore avenues for trade and economic cooperation. The move follows an invitation from Cemal Sangu, Consul General of Turkey in Karachi, to the FPCCI.
According to Saquib Fayyaz Magoon, Acting President of FPCCI, the two countries have a significant bilateral trade potential of $5 billion, currently standing at only $1 billion per year. Magoon emphasized the need for tangible steps to realize this potential, highlighting Pakistan’s opportunities to increase foreign earnings through exports of value-added textiles, leather goods, processed foods, IT services, sports goods, and surgical equipment.
Asif Sakhi, VP FPCCI, noted Turkey’s expertise in manufacturing and engineering products, including electric vehicles, renewable energy, avionics, and artificial intelligence. He suggested Pakistan should collaborate with Turkey through industrial partnerships, leveraging its land and young labor force.
Mian Zahid Hussain, Chairman of FPCCI’s Policy Advisory Board, praised the Pak-Turkey Preferential Trade Agreement (PTA) for yielding a bilateral trade surplus of over $100 million in 2023. Salman Tufail, Chairman of FPCCI’s Pakistan-Turkey Joint Business Council, emphasized the need to prioritize agricultural, technology, and entertainment industries, inviting Turkish investments in film studios, cinemas, and theme parks.
Cemal Sangu, Consul General of Turkey, called for action in economic, commercial, and trade domains, highlighting areas of potential cooperation, including agricultural land acquisition, hi-tech equipment imports, rail system synchronization, and B2B alliances.
The visit aims to strengthen economic ties between Pakistan and Turkey, leveraging their combined population of 335 million and vast trade potential.
