Many Turkish companies have their presence in Pakistan and the countryâ€™s rising Gross Domestic Product (GDP) is fast becoming an attraction for Turkish companies as they scout for more business avenues, said said Foreign Economic Relations Board of Turkey General Secretary Mustafa Mente.
Mente said that currently negotiations are under way for Foreign Direct Investments in textile sector particularly in fabrics and yarn; however, some technical issues remain unresolved.
He said that both sides are interested in investing in the textile sector but they have to find common ground. He is hopeful that the level of Turkish investments in Pakistan as well as Pakistani investments in Turkey will rise across all sectors.
Mente further added that the entire South Asian region, which includes Pakistan, India and Bangladesh is unique due to its huge population, almost 1.7 billion, and would be a choice for Turkish companies to invest.
But the distance and cost of travelling will remain issues. They are also facing the same issue when it comes to the US markets, though there are a lot of opportunities for SMEs and other such businesses.
Pakistan and Turkey are also in negotiation to finalize a Free Trade Agreement to boost bilateral trade. As per the Pakistan Business Council, the current level of bilateral trade between the two countries is $584 million, which has potential to go up to $5 billion.
In recent years, few Turkish companies have invested directly in Pakistan, particularly in Punjab, but that is more due to the governmentâ€™s urge to replicate some Turkish models in the provincial capital.
Currently, Pakistanâ€™s exports to Turkey stand at $391 million, whereas Turkeyâ€™s exports amount to $193 million.
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