Lahore, August 07, 2015 (PPI-OT): Turkey would open its consulate in Lahore very soon to facilitate businessmen of this part of the world. This was revealed at a meeting between the 12-member Turkish delegation and the LCCI President Ijaz A. Mumtaz here at the Lahore Chamber of Commerce and Industry on Friday. CEO Pakistan Turkey Business Association Sadi Yildirir and head of Turkish delegation Tevfik Ayhan also spoke on the occasion.
The LCCI President Ijaz A. Mumtaz threw light on the economic scenario and trade and investment opportunities available in Pakistan. He also forwarded various proposals to give boost two-way trade. Former LCCI President Bashir A. Baksh and Executive Committee Members were also present on the occasion.
Sadi Yildirir informed the participants that Lahore to Istanbul direct flight would start from August 15 on daily basis. He said that another Turkish delegation will visit Pakistan in the third week of August while we are also planning a single country exhibition in collaboration with the Lahore Chamber of Commerce and Industry.
He said that Turkish businessmen are keen to step in joint ventures with their Pakistani counterparts in the fields of printing, security systems, building materials, construction services and textiles etc. Pakistan businessmen should come forward and avail the opportunity to the maximum. He said that both countries could have firsthand knowledge of the trade and investment opportunities through exchange of trade delegation on regular basis.
He said that Turkey and Pakistan have marvellous untapped business potential that needs to be realized by maximizing the involvement of private sectors of the two countries. Speaking on the occasion, the LCCI President Ijaz A. Mumtaz hoped that the economic relation between the two countries would strengthen further to create a win-win situation for Pakistan and Turkey. “We together need to make efforts to reverse the present trend in bilateral trade. Pakistan’s exports are constantly dropping since 2011 when it was maximum with USD 756 million.
In 2013, Pakistan exported to the tune of USD 407 million to Turkey but last year the value of total exports came further down to USD 391 million. So far as imports from Turkey to Pakistan are concerned, these have been ranging between USD 150 million to USD 190 million. Considering the size of both the economies, these trade figures seem quite dismal. We must find ways to take the bilateral trade to at least US$ 1 billion in coming three to four years”, Ijaz A. Mumtaz added.
Ijaz A. Mumtaz said that textiles sector has traditionally been the biggest sector of the economy. Studies and surveys confirm that its contribution in total exports are almost 60% and it engages almost 38% of manufacturing labour force to acquire more than 46% share in overall manufacturing. The LCCI President said that in the context of having won the GSP plus status, the need of technology improvement and capacity building in textile sector of Pakistan is necessary. We have been offered a golden chance to further increase the textiles exports.
It does attract foreign investment and no other country can become better partner with Pakistan than Turkey. So any initiative from Turkish business community related to Textiles would be welcomed. Ijaz A. Mumtaz said that Turkey is well positioned to take advantage of Pakistan’s economic potential and its geo-strategic location. He said that trade and investment should be made the central pillar of this cooperation.
He said that with regard to solid waste management, it is proposed that waste-to-energy solutions are gaining a lot of success in modern world. He said that Pakistan is facing severe crisis in energy sector and it is the best way that we go far all possible options of alternative energy. The LCCI president emphasized that some kind of understanding should be developed between the private sector representatives of both the countries that will certainly provide basis to convert that into business deals.
He said that some analysts presume that the trade volume between Turkey and Pakistan can be increased as high as US$ 2 billion with some joint efforts made by public and private sectors of both the countries. He also called for B2B meetings on regular basis in order to strengthen our business ties. The LCCI President said that time has come for making social, cultural and economic alliances to overcome the challenges. Ijaz A. Mumtaz hoped that the Turkish delegation visit would pave way for enhanced volume of bilateral trade between the two countries.
For more information, contact:
Lahore Chamber of Commerce and Industry (LCCI)
Lahore -54000, Pakistan