Pakistan

“Turkey has always been in full solidarity with Pakistan in every matter and considers Pakistan as a staunch friend and an outstanding partner. Although our bilateral trade volume increased considerably from $ 130 million in 2001 to almost $ 600 million in 2006, but it does not reflect the actual potential of our trade. Our target is to reach one billion $ in near future.” This was stated by Mr. Erdem Mutaf, Consul General of Republic of Turkey who called upon Mr. Iftikhar Ahmed Sheikh, Senior Vice President of Karachi Chamber of Commerce & Industry.

Turkish Consul General disclosed that as compared to total Turkish investment of $ 1.7 billion realized in Pakistan between 1993 – 2006, the total investment in wind energy, PVC, construction and food sectors undertaken by the Turkish companies only in Sindh province has reached to US$ 350 million during last year and is expected to exceed $ 600 million in near future after completion of other phases of these investments. He informed that Turkey has become 17^th biggest economy in the world with a nominal GDP exceeding $ 400 billion, GDP per capita income of $ 5500, and has set target for 2010 to become one of the ten biggest economies in the world with a GDP per capita income of $ 10,000.

Mr. Erdem Mutaf informed that Turkey’s total foreign trade which was less than $ 11 billion in 1980 has increased to $ 250 billion in 2007 out of which export was 100 dollars and the export target for 2010 is $ 200 billion. Cumulative inflow of net foreign direct investment in Turkey exceeded $ 50 billion during 1980-2006.Tourism industry in Turkey enjoys tax exemption. The Turkish Consul General said, “There is a great potential of trade and joint ventures between Turkey and Pakistan specially in the areas of machinery, chemicals, IT and software, surgical instruments, automotive industry, textiles and clothings, natural stones, ceramic, shipbuilding, jewellery, construction etc.”

Earlier, Mr. Iftikhar Ahmed Sheikh, Senior Vice President of KCCI while welcoming the Turkish Consul General briefed him about the KCCI working and its role in the promotion of trade and industry. The Chamber’s SVP said that trade fairs and exhibitions play a catalystic role in increasing bilateral trade volume, commercial relations and joint ventures. He, therefore, underscored the need for people to people contacts including exchange of cultural and businessmen delegations and organizing exhibitions to enhance bilateral trade and cultural ties between the two countries. The Chamber Chief informed the Consul General about the KCCI “5^th My Karachi – An Oasis of Harmony” exhibition, scheduled to be held from 6^th to 8^th June, 2008 at Expo Centre, Karachi and through him invited the Turkish businessmen, to participate in the Exhibition in a big way as it would provide an excellent channel to promote Turkish products and a great exposure for Turkish Companies to display and / or sale their products to thousands of visitors beside interaction with them.

On a query from Turkish Consul General, Mr. Iftikhar Ahmed Sheikh, SVP, informed him about the central role being played by the city of Karachi in various sectors of national economic activities. He said that Karachi’s share in the country’s financial activities is about 40%; 30% of manufacturing; 40% of large scale manufacturing; 50% of bank deposits 68% of tax revenues etc.

Mr. Mohamamad Haroon Agar, Vice President, Mr. Talhat Mahmood, Mr. Abdul Basit, and Mr. Alamgir Khokar, Managing Committee members of KCCI and Mr. Javed Vohra and Ms. Durre Shahwar were also present in the meeting.