Economic relations: Seize opportunity for joint ventures, says Turkey

Delegation head asks private sector to tap business potential.


Our Correspondent October 20, 2014

LAHORE:


Turkey, which is the second fastest growing economy in the world after China, has a lot to offer to Pakistani businesses that should capitalise on the opportunity by entering into joint ventures, says Murat Agabay, head of a Turkish delegation.


Agabay, while leading the four-member delegation during a visit to the Lahore Chamber of Commerce and Industry (LCCI) on Monday, said Turkish businessmen were also keen to initiate joint ventures with their Pakistani counterparts.

He called for exchange of business delegations so that both sides could have firsthand knowledge of available opportunities in the two countries.

He pointed out that both the countries had a huge untapped business potential that should be realised by maximising the involvement of private sector.

Speaking on the occasion, LCCI President Ijaz A Mumtaz stressed that the businessmen should deepen the bilateral relations that would prove beneficial for the people of both sides.

Outlining the performance of Pakistan’s textile industry, Mumtaz said it was the biggest sector of the economy that contributed about 60% to total exports and employed around 38% of the manufacturing workforce.

The grant of GSP Plus status by the European Union had necessitated an improvement in technology and increase in the capacity of the textile industry, the areas where Turkey could offer assistance to Pakistan, he suggested.

About solid waste management, he pointed to the waste-to-energy solutions that were gaining a lot of recognition in the modern world. “Pakistan is facing an acute energy crisis and it is the best way that we go for all possible options to tap alternative energy.”

Mumtaz emphasised the importance of developing some kind of understanding between private-sector representatives of the two countries to provide the foundation for transforming that into business deals. “These practical steps will surely go a long way in enhancing the two-way trade that at present does not reflect the friendly relations.”

He pointed out that some analysts were of the view that the bilateral trade volume could be expanded to $2 billion with some joint efforts by the public and private sectors. However, he added, “it will remain a presumption unless some positive and practical steps are taken.”

Published in The Express Tribune, October 21st, 2014.

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COMMENTS (2)

Nida Alvi | 9 years ago | Reply

The Pak-Turk economic cooperation has got the boost with PMLN Government coming to power in historic victory.

Zain | 9 years ago | Reply

Pakistan should seize this great opportunity presented. Turkey has a great engineering industry, particularly in manufacturing of Hydro-electric Dam Turbines, Wind turbines, Coal electric generation, Motorways and other civilian infrastructure such as bridges and sky scrapers. Also, automobile manufacturing - joint venture.

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