Turkish Ambassador Mehmet Pacaci met with Pakistan’s Federal Minister for Economic Affairs Ahad Khan Cheema to discuss strengthening economic ties between the two countries. A key topic was the potential establishment of a Turkish bank branch in Pakistan.
The meeting aimed to solidify the long-standing relationship between Turkiye and Pakistan, with a particular focus on boosting economic cooperation. Minister Cheema highlighted the signing of the Trade in Goods Agreement/Preferential Trade Agreement (PTA) in August 2022 as a significant step forward. He also briefed the Ambassador on the creation of the Special Investment Facilitation Council (SIFC), designed to attract investment from friendly nations. The Minister emphasized the potential for Turkish investment in Pakistan, particularly in areas like agricultural machinery, equipment, and large-scale corporate farming.
Both parties acknowledged the significant untapped potential for bilateral trade and investment. Increased collaboration through government-to-government (G2G) and business-to-business (B2B) arrangements was discussed as a way to unlock this potential.
Ambassador Pacaci expressed his appreciation and reaffirmed Turkiye’s strong commitment to exploring avenues for expanding bilateral trade. He mentioned the High-Level Strategic Cooperation Council (HLSCC) and the Strategic Economic Framework (SEF) as platforms for fostering cooperation in sectors like energy, banking, commerce, railways, and tourism.
The discussion also touched upon plans for the upcoming HLSCC session, aiming to increase bilateral trade volume to $5 billion.