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ISLAMABAD: Pakistan and Turkiye discussed on Thursday the need to revamp their preferential trade agreement with a view to addressing existing challenges and unlocking the business potential between the two countries.
The understanding was reached at a meeting between Commerce Minister Jam Kamal Khan and his Turkish counterpart, Prof Dr Omer Bolat.
According to an official announcement, the two ministers explored the possibility of reviving and strengthening the D8 Preferential Agreement to boost trade among member countries. Omer Bolat said although Turkish investors faced problems in Pakistan, nearly all of them were eager to expand their investments.
The Turkish minister revealed that during the visit, 21 agreements would be signed in key sectors such as services, tourism, education, IT, defence and infrastructure.
Jam Kamal Khan reaffirmed Islamabad’s commitment to facilitating foreign investment, highlighting efforts to streamline business operations and improve the ease of doing business.
He dwelt at length on the role of the Special Investment Facilitation Council (SIFC) in ensuring a smooth investment process for Turkish companies.
Jam Kamal appreciated the confidence shown by Turkish companies in Pakistan’s economy, citing their investments in infrastructure, manufacturing, energy, transport, and municipal services as examples of growing economic cooperation.
The minister proposed that a Made in Pakistan single-country exhibition be held in Turkiye, aiming to bring Pakistani companies across various industries to showcase their products. He recalled recent successful trade exhibitions in Saudi Arabia, Uzbekistan and Ethiopia, noting that Turkiye’s strategic location makes it an ideal trade hub for Pakistan.
Omer Bolat, the Turkish trade minister, pledged to work on reciprocal trade fairs and committed to boosting Pakistani exports, particularly Basmati rice, which he said had not been fully utilised under existing agreements.
During the meeting, Omer Bolat also spoke about his country’s booming health tourism sector, which has grown significantly and now attracts a large number of foreign patients every year.
He noted that while wealthy Turkish citizens once used to go abroad for medical treatment, they now prefer Turkish hospitals, both public and private.
Recognising the potential for collaboration, Commerce Minister Jam Kamal invited Turkiye to participate in Pakistan’s healthcare and industrial expo from April 17-19, stressing that joint ventures in medical technology and hospital infrastructure could benefit both nations.
The meeting also deliberated on defence cooperation, with Omer Bolat revealing that Malaysia and Indonesia had placed major orders for Turkish defence equipment.
He reaffirmed Ankara’s commitment to working closely with Islamabad on defence projects, particularly in joint production and technology transfer.
Published in Dawn, February 14th, 2025
