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Turkey and Pakistan to Accelerate the Development of Economic Relations

Lahore, Pakistan | April 06, 2010 by D-8 Secretariat

Abdullah Gul urged Turkish and Pakistani entrepreneurs to establish partnerships, calling for more Turkish investments in Pakistan.

Abdullah Gul urged Turkish and Pakistani entrepreneurs to establish partnerships, calling for more Turkish investments in Pakistan.

Turkey and Pakistan enjoy strong political relations and now it’s time to boost bilateral economic cooperation, President Abdullah Gul said during his visit to Pakistan on the first of April. Completing his official talks in the capital Islamabad, Gul proceeded to Lahore, Pakistan’s cultural capital, to attend a meeting of the Turkish-Pakistani Business Forum. There Gul received a warm welcome with Pakistani people waving Turkish and Pakistani flags along the road where Gul’s procession passed. During the welcoming ceremony at Lahore airport, famous Turkish songs were performed by the Pakistani ceremonial band. “Our economic relations fall short of what we want, so we must forge economic cooperation in line with our excellent political relations,” Gul told the meeting.

Gul said cargo train service would begin between Istanbul and Islamabad, and that Turkish and Pakistani businessmen should become better acquainted. Calling on businesspeople from both sides to make use of their countries’ potential in energy, industry, manufacturing industry, agriculture, food and construction, Gul said Turkey is ready to share its experiences with Pakistan in dam and hydroelectric power plant construction and contracting services. He urged Turkish and Pakistani entrepreneurs to establish partnerships, calling for more Turkish investments in Pakistan.

Chief Minister of the Punjab Shahbaz Sharif has recently announced the setting up of a dedicated 225-acre industrial estate in Faisalabad for Turkish and joint venture companies.

Turkey has released $10 million of the $100 million pledged at the Friends of Democratic Pakistan forum and is assisting, through its private sector, Pakistan meet its energy requirements.

Turkey’s Zorlu Energy has set up Pakistan’s first wind-based power project at Jhimpir, and Karkey Karadeniz will provide Karachi with 500MW of barge-mounted rental power.

Turkey and Pakistan are part of the D8 and the Economic Cooperation Organization, which has developed and implemented the Pakistan-Iran-Turkey cargo train service to facilitate trade among the countries and also potentially allow Pakistani products access to European markets.

Gul also said Turkey and Pakistan support each other on international platforms. After Gul’s speech, officials from the Turkish Union of Chambers and Commodities Exchanges (TOBB) and the Lahore industrial zone signed an agreement paving the way for Turkish investments in the area. In Pencap state, Gul also watched a polo game and a local equestrian sports show called Tent Pegging. Gul was also given an Arabic horse as a gift there.


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