Pakistan is considering prioritizing steps to boost its trade volume with Türkiye to $5 billion (TL 167.89 billion) annually, the nation's prime minister said Thursday.
Speaking with a Turkish investors delegation led by Trade Minister Ömer Bolat at his office in Islamabad, Prime Minister Shahbaz Sharif stressed the determination to expand exchange as Islamabad and Ankara have already agreed to increase the bilateral trade volume.
"Pakistan and Türkiye are two countries but one nation as the people of Pakistan and Türkiye have ideal fraternal relations spanning centuries," Sharif said, according to an official statement issued in the Urdu language.
He also welcomed the delegation and directed Pakistani authorities to provide them with all kinds of facilities for investment in Pakistan.
He added that his government wants to promote trade relations between the two countries.
"It was agreed with Turkish President Recep Tayyip Erdoğan to increase the trade volume between Pakistan and Türkiye from the current level to $5 billion annually," Sharif told the delegation.
He also reiterated his invitation and said, "The Pakistani people are waiting for the visit of Turkish President Recep Tayyip Erdoğan."
The current investment volume of 54 Turkish companies in Pakistan is $3.5 billion, according to the statement.
Earlier in the day, Türkiye and Pakistan agreed to exploit the potential for further bilateral economic and trade development, focusing on the services, health, education, medicine and fashion sectors, a government statement said.
The consensus came as Trade Minister Bolat met Pakistan's Finance Minister Muhammad Aurangzeb in Islamabad.
Aurangzeb emphasized the "robust and longstanding" relations between the two countries, which have the potential for development.
Bolat, for his part, highlighted the shared commitment of Erdoğan and Sharif to strengthen bilateral ties, with a particular focus on increasing trade and investment.
He identified key sectors for potential investment, including services, health, education, medicine and fashion.
Bolat also proposed measures to facilitate investment for Turkish companies to enhance investor confidence and recommended increasing flight connectivity between Pakistan and Türkiye to support greater economic exchange.
Aurangzeb acknowledged the significance of historical and cultural ties between Pakistan and Türkiye.
He informed Bolat of a recent staff-level agreement with the IMF, aimed at ensuring "long-term stability and outlined ongoing reforms in taxation, energy sector and state-owned enterprises."
"Both ministers reiterated their dedication to strengthening bilateral relations and expanding trade volume," the statement said.
Aurangzeb assured Bolat of Pakistan's commitment to supporting Turkish investors by streamlining regulations that support ease of doing business.
