Pakistan-Turkey have decided to open banks branches in each other countries to boost bilateral trade to a new height of $ 2 billion by facilitating the businessmen.
The two sides reached the understanding at 14th session of Pak-Turkey Joint Ministerial Commission (JMC) meeting of trade ministers on Monday.
The Pakistani Commerce Minister, Makhdoom Amin Faheem and Turkish minister for Development and environment lead the ministerial talk.
Both countries have also decided to extend the cooperation in the field of alternate energy, banking, investment, energy, petroleum, railway and agriculture.
Two ministers have also decided to establish six working groups those would be responsible for the implementation and progress on the bilateral cooperation.
Turkish minister while speaking at the meeting said that the volume of investment from Pakistan in Turkey is $ 65million while $ 88 million investment has been recorded from Turkey into Pakistan which is very nominal comparing the potential. He said that Turkey will soon open a branch of Turkish national bank in Karachi that will help and facilitate the businessmen of both countries.
He said that Turkey will cooperate with Pakistan in the areas of energy and electricity production and both countries are engaging in this regard.
Makhdoom Amin Faheem said that both countries will take measure to boost trade and investment in each other countries. He said that both brotherly Islamic countries have historical relations and cooperation in different sectors will help to improve these relations.
Pakistan and Turkey will sign various agreements of cooperation in various sectors today (Tuesday) in presence of Turkish PM Tayyip Erdogan and PM Syed Yousaf Raza Gillani.
TURKEY TO INVEST IN VARIOUS SECTORS, says ZAFER Calayan: Turkish Economy Minister Zafer Calayan on Monday said that the Turkish companies are prone to invest in Pakistan.
Zafer Calayan, stated this in a meeting with the Chairman Board of Investment (BOI) Saleem H. Mandviwalla, to discuss the interests of the Turkish companies for investment in Pakistan.
Turkey invested an amount of $110 billion in last seven years as Foreign Direct Investment (FDI) from the period 2003-2011, said he.
He said that various Turkish companies are interested for investment in Pakistan in the fields of mass transportation and solid waste management.
The companies involved in solid waste management for cities like Lahore are Albayrak Company and Ozkartallar & Compak Joint Venture, who are requesting the Pakistani authorities to reduce the tax duties for environmental projects.
The Chairman BOI confirmed the Turkish delegation that the customs tarrifs would be reduced in the budget of 2012-13 and it would continue to be reduced in the coming years gradually.
Talking about the issue of Karkey Company’s ownership project, the MOS/Chairman informed the Turkish minister that the company’s ships are not confiscated but are being held till the issue moves towards its settlement through the Supreme Court of Pakistan.
The Turkish minister also showed interest in the Trailor Purchasing Tender issued by the Karachi Port Authority, and requested for the kind support of MOS/Chairman BOI for the realization of this project by the Turkish companies.
Regarding investment opportunities in the telecommunications sector, the Turkish company Kron Telecommunication Technologies Company undertook a joint project by the name of “Remote Broadband Management System Software Project” with Pakistan Telecommunication Limited (PTCL).
The project’s value is $1 million. The company wants to establish its corporation in Islamabad. The Turkish minister also offered the proposal of Pakistani/Turkish companies to join hands and do business in the third countries.
Further the Turkish minister assured the Pakistani side of their cooperation in every field imaginable as the two countries share common grounds. The MOS/Chairman endorsed this view and welcomed more diversified investment in Pakistan to boost its economy.
