Turkish Companies invested US$2 billion in Pakistan, more being encouraged: Eyyup Yildirim - Press Release issued by Karachi Chamber of Commerce and Industry.

Karachi -- January 09, 2023 (PPI-OT)

Following is the text of press release issued by Karachi Chamber of Commerce and Industry (KCCI)

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Commercial Attache of the Republic of Turkey Eyyup Yildirim has said that several Turkish companies have invested around US$2 billion in numerous sectors of Pakistan's economy but this was not enough as there was a room for more Turkish investment through joint ventures particularly in the maritime, hospitality and other potential sectors. "Dawlance, which was acquired by a Turkish company Arcelik, has alone made an investment of more than US$500 million while several other Turkish companies have also invested here and recently another Turkish Company has opened up its textile accessories unit in one of the Special Economic Zones in Pakistan where many benefits and incentives including tax holidays and all the required infrastructure are being provided", he said.

"We need to further increase Turkish investment so I always encourage Turkish private sector to undertake joint investments in Pakistan", Turkish Commercial Attache added while speaking at a meeting during his visit to the Karachi Chamber of Commerce and Industry (KCCI). President KCCI Mohammed Tariq Yousuf, Senior Vice President Touseef Ahmed, Vice President Mohammad Haris Agar, Chairman Diplomatic Missions and Embassies Liaison Subcommittee Ziaul Arfeen and KCCI Managing Committee members were present on the occasion.

Turkish Commercial Attache further stated that Turkey and Pakistan have been enjoying good brotherly relations and close collaboration as whenever either Turkey or Pakistan was in need, the other country immediately comes forward for help. "The Trade volume has once again touched US$1.1 billion last year which was a repetition of 2012 when trade volume was seen at this level. As both countries have competitive advantage, they can exchange potential products which are of high quality and competitive price. "We need to exchange list of all such potential products which can be imported from Turkey and exported from Pakistan. With the help of this list, Turkey will be able to import products from Pakistan instead of other countries."

Upon finalization of trade agreement between the two countries which will be ratified within a month by the Turkish National Assembly, the trade volume could go all the way up to a whopping US$15 billion, he opined, adding that around 400 products having good trade potential...