Pakistan and Turkiye today agreed to pursue a substantial increase in bilateral trade from the current one billion dollars to a new target of five billion dollars, following a high-level meeting where Islamabad committed to extensive facilitation for Turkish investors.
The understanding was reached during discussions between the Special Assistant to the Prime Minister on Industries and Production, Haroon Akhtar Khan, and a visiting Turkish business delegation. The dialogue centered on establishing Pakistan-Turkiye joint ventures and smoothing the path for investment in key industrial sectors.
Speaking on behalf of the government, Mr Khan affirmed that Pakistan would ensure comprehensive banking support, including the facilitation of Letters of Credit (LCs) and other financial channels, to assist Turkish enterprises.
He highlighted that regulatory reforms are being introduced to improve the ease of doing business, reflecting Prime Minister Shehbaz Sharif’s vision of strengthening ties with allied nations. A special facilitation committee has also been established specifically to support Turkish investment.
The Special Assistant briefed the delegation on investor-friendly initiatives, including Pakistan’s Land Lease Policy, which provides significant support for setting up new industries. He also noted that the forthcoming National Industrial Policy contains extensive facilitation measures for both domestic and international investors.
The Turkish delegation conveyed a strong interest in expanding its commercial footprint in Pakistan. It was revealed that prominent Turkish textile brands, including the globally recognized LC Waikiki, are actively exploring entry into the Pakistani market.
To further streamline bilateral commerce, the Turkish representatives requested official support for opening branches of Turkish banks in Islamabad, Karachi, and Lahore, which would facilitate smoother trade and investment flows.
Additionally, the delegation expressed a desire to accelerate efforts to operationalize the Istanbul-Tehran-Islamabad Trade Corridor, a strategic route expected to significantly boost regional connectivity.