Mutual benefit: Quick signing of PTA with Turkey urged

FCCI President hoped that the Premier’s visit will pave the way for better and more prosperous economic opportunities for the two countries. PHOTO: PID

FAISALABAD: The President of Faisalabad Chamber of Commerce and Industry Engineer Sohail Bin Rashid welcomed Turkish Prime Minister Recep Tayyip Erdogan’s visit to Pakistan and said the two countries should translate their friendship into economic prosperity.

Rashid suggested this could be done through signing the Preferential Trade Agreement (PTA) and attracting Turkish investment in Pakistan.

Rashid hoped that the Premier’s visit will pave the way for better and more prosperous economic opportunities for the two countries. “Pakistani leadership is already taking elaborate measures to bring foreign investment into the country,” said Rashid. In such a business friendly environment, the visit of the Turkish investors is perceived as a positive sign as this will provide them with a chance to interact directly with their Pakistani counterparts.

“The trade volume between Pakistan and Turkey crossed the $1 billion mark in 2010-11, which fell 50% in 2012 only due to the economic safeguards imposed by the Turkish government to protect its domestic industry against the Pakistani exports of textile,” said Rashid.

Rashid urged the Prime Minister of Pakistan and the Commerce Ministry to convince the Turkish government to expedite the signing of PTA so that the Pakistani textile exporters could have direct access at reduced rate to Turkish markets.“This will also provide opportunity to the Turkish investors to fully benefit from the economic opportunities available in Pakistan in the field of energy, textile, telecommunication, construction and tourism.”

Rashid appreciated the Turkish efforts of initiating joint ventures between Pakistan and Turkey in the fields of energy, agro-based food processing, hotel and hospitality, tourism and corporate farming.

“After China, Turkey is the main economic market for Pakistani exporters and importers and the two governments should take diplomatic, economic and administrative measures to strengthen bilateral trade relations amongst entrepreneurs,” Rashid added.