Turkish firms keen to invest in energy, construction sectors

During his visit of Turkey last month, Prime Minister Shehbaz Sharif attended the Pakistan-Turkey Business Council organised by the Foreign Economic Relations Board (DEIK).
The prime minister invited the Turkish investors to explore Pakistan’s diverse sectors.
“Pakistan’s energy sector with its vast potential in hydel, thermal, coal, wind, and solar areas can prove ideal for the Turkish investors,” Shehbaz told the leading businessmen and investors from Turkey and Pakistan.
“Given the growing energy needs and high global energy prices, Pakistan direly needs improvement in its energy sector. Pakistan could benefit from Turkey’s expertise in building and managing dams for water conservation,” he added.
Pakistan premier assured the attendees he would do everything in his power to achieve the trade target.
“Let us break these barriers, let us remove all hurdles to promote our investment and our trade between the two countries. Whatever [needs] to be done, let’s do it and do it speedily. Time and tide wait for none,” PM Sharif said.
“Let’s resolve today a figure of 5 billion dollars’ trade, two-way. In next three years, if we could take our bilateral trade to 5 billion dollars [annually], I will be a satisfied Pakistani and I will be the happiest person to achieve this target. I guarantee from our side that whatever is needed to achieve this target, I will be there doing everything in my capacity.”
Before leaving for Turkey, Sharif told a Turkish state-run news agency the quantum of bilateral trade between Pakistan and Turkey did not reflect the strength of their relations, pointing out the two countries needed to explore more opportunities for economic collaboration.
“The current level of bilateral trade is still not a true reflection of the excellent state of our relationship. This is also an area where immense opportunities exist for both countries,” Sharif told Anadolu Agency.
“With a population of over 220 million, Pakistan offers its investors a strong and large consumer market with an ever-expanding middle class. Pakistan holds numerous investment opportunities with lucrative returns for investors.”
“A number of leading Turkish investors have already made investments in Pakistan,” Shehbaz said, emphasising that the Turkish investment in Pakistan would be a win-win situation for both the countries.
Giving an overview of the economic and investment opportunities in Pakistan, the prime minister highlighted his focus on energy, housing, textiles, infrastructure development, agro-based industry, and oil and gas sectors.
He also emphasised that Turkish textile companies could explore the sector for joint ventures, especially for intra-industry trade as well as becoming partners in regional and global value chains. He also invited the Turkish firms relating to the agro-industrial and dairy sectors.
At the onset, DEIK President Nail Olpak and Chair of Turkish-Pakistan Business Council Ahmet Cengiz Ozdemir introduced the participating companies and briefed the prime minister about Turkish investments in Pakistan.
Shehbaz also held a separate meetings with Turkish investors. He said that unfortunately, a conspiracy was hatched to discourage the investment in Pakistan. However, he added that his government’s priority was to facilitate all the investors by addressing their issues.
The delegation expressed keen interest in the projects in the energy and the construction sectors. A Turkish firm, Siyahkalem, headed by Cengiz Ozdemir, expressed confidence in the measures taken by his government to encourage foreign investment in Pakistan.
The delegations included Arcelic Chief Commercial Officer Can Dincer, Chief Executive Officer of Zorlu Energy, Albayrak President Ahmed Albayrak and Hayat Kimya Vice President Ali Zaybuk. They conveyed their interest in enhancing the volume of investment in Pakistan.
Earlier, the prime minister visited the mausoleum of Mustafa Kemal Ataturk, the founder of modern Turkey, and laid a wreath there. The prime minister observed a minute of silence to pay respect to the great Turkish leader.
On his arrival, Pakistan’s Prime Minister had expressed his resolve to take bilateral trade between the two countries to $5 billion annually. — ERMD