LAHORE: Turkish businessmen are ready to initiate joint ventures (JVs) with Pakistani counterparts, as ample opportunities in a number of sectors including construction and energy are available.
Metin Gundogdu head of seven-member Turkish business delegation at Lahore Chamber of Commerce and Industry (LCCI) said Turkey for being second fastest growing economy of the world after China and first in the European Union has a lot to offer to Pakistani businessmen and they should avail the available opportunities.
He called for exchange of business delegations so both the sides could have first hand knowledge of the available opportunities in Pakistan and Turkey. He said both the countries have marvellous untapped business potential that needed to be realised by maximising the involvement of private sectors of the two countries.
He hoped the economic relation between the two countries would strengthen further to create a win-win situation for Pakistan and Turkey.
LCCI President Sohail Lashari said the time has come the businessmen of both the countries should enhance their bilateral relations which would be beneficial for the people of both the countries.
He said, “We can strengthen our economy by adopting the development and progress of Turkey as a model.”
He commended the efforts of Chief Minister of Punjab Shahbaz Sharif in accelerating the two-way interaction among the business community of Turkey and Pakistan.
Textile sector has traditionally been the biggest sector of the economy, studies and surveys confirm its contribution in total exports are almost 60 percent and it engages almost 38 percent of manufacturing labour force to acquire more than 46 percent share in overall manufacturing.
In the context of Generalised System of Preferences (GSP) plus status, the need of technology improvement and capacity building in textile sector of Pakistan is necessary. We have a golden chance to further increase the textile exports by $2 billion.
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 textile is always welcomed.
He said with regard to solid waste management, it was proposed waste-to-energy solutions were gaining a lot of success in modern world.
Pakistan is facing severe crisis in energy sector and it is the best way we go for all possible options of alternative energy.
He emphasised some kind of understanding should be developed between the private sector representatives of both the countries that would certainly provide basis to convert that into business deals.
The practical steps will surely go a long way in enhancing the current level of two-way trade between Pakistan and Turkey, which is constantly dipping since 2011. He stressed the need to identify the reasons as to why our total trade that once touched the level of $916 million in 2011 has come down to $557.5 million in 2013.
KARACHI: Pakistan has spent $5.806 billion of foreign reserves to import power-generating machinery ...