Pakistan to boost trade with Turkey through ITI road corridor
Karachi: Business leaders on Wednesday welcomed the operationalization of road transport and trade between Pakistan and Turkey, which would certainly take bilateral affairs to the next level, a statement said.
The first land transport cargo would be transported to Turkey via the Istanbul-Tehran-Islamabad (ITI) corridor from Pakistan.
âRoad transport was one of the main obstacles to bilateral trade; and now considerable time will be saved, âMian Nasser Hyatt Maggo, president of the Federation of Pakistan Chambers of Commerce and Industry (FPCCI) said in a statement.
He was speaking at the fourth meeting of the Joint Forum of Chambers of Commerce and Industry between Pakistan and Turkey.
The meeting was attended by most diplomats from both sides, business, industrial and commercial leaders from both countries and senior government officials.
Ihsan Mustafa Yurdakul, Ambassador of the Republic of Turkey to Pakistan, said the current level of bilateral trade of around $ 1 billion could easily be raised to $ 5 billion in a few years; provided, “we are strengthening B2B relationships and targeting the right sectors and industries.”
Arshad Jan Pathan, Deputy Head of Mission at Pakistan Embassy in Turkey, gave his full support to the mission in Turkey for realizing the true trade potential between the two countries.
He also highlighted the investment opportunities available in tourism, the China Pakistan Economic Corridor (CPEC) and Special Economic Zones (SEZs). Pathan also talked about the road transport of trucks from Pakistan to Turkey in the first week of October for which facilitation needed for customs etc. was provided by the Pakistani mission.
Amjad Rafi, co-chair of the Pakistan side of the ICC Turkey-Pakistan Forum, thanked the audience; and, hoped that the momentum and mechanism developed through the Joint Forum of Pakistan-Turkey Chambers of Commerce and Industry would continue to bear fruit in the years to come and continue to contribute to the economic development of the two countries. . Rafi said that after a hiatus of nearly a decade, bilateral trade volume between Pakistan and Turkey broke the psychological barrier of $ 1 billion after 2011; after dropping to $ 650 million in between.
Prof. Omer Bolat, co-chair of the Turkish side of the ITC Turkey-Pakistan Forum, said unconventional sectors are rapidly becoming relevant as regards bilateral trade; and, this phenomenon would add to the already growing trade volumes.
Mr. Rifat Hisarc kl o lu, President of the Union of Chambers and Stock Exchanges of Turkey, underlined the historical and humanitarian dimension of Turkey-Pakistan relations and expressed the importance of assessing the potential of economic and trade relations.
Bilal Khan Pasha, Consul General of Pakistan in Turkey, said that despite all the challenges related to Covid, trade between two countries remains resilient and robust; and I hoped that the two countries would continue to meet the challenges that presented themselves in the form of growing economic and trade challenges.