Pak-Turkiye PTA to take bilateral trade, investment ties to new heights: PM

ISLAMABAD, Aug 12 (APP): Prime Minister Shehbaz Sharif on Friday said that the “landmark trade in goods agreement” between Pakistan and Turkiye would reflect the strength of bilateral fraternal relations and take trade and investment ties to further heights.

The prime minister, addressing a luncheon reception he hosted for the visiting Turkish Trade Minister Dr. Mehmet Mus and his delegation, urged the business communities from both the countries to explore the opportunities in varying sectors particularly the renewable energy.

Earlier, Pakistan and Turkiye signed Preferential Trade Agreement which includes comprehensive provisions on bilateral safeguards, balance of payment exceptions, dispute settlement, and periodic review of the agreement.

Calling it the “most important achievement” of the commerce ministers of Pakistan and Turkiye and their respective teams, the prime minister said the said agreement was a manifestation the bilateral brotherhood and relations anchored in mutual trust and respect.

However, he said the volume of bilateral trade and investment did not reflect the existing unique relationship.

He said both the countries had already resolved to take the bilateral trade to $5 billion in next three years.

The prime minister said he had “fruitful and productive” discussion with Turkish business community during his visit to Turkiye in May last. The ongoing visit of the Turkish delegation and signing of the PTA was in pursuance of the very understanding to further the discussion, he added.

The prime minister said he would welcome Turkish firms to invest in Pakistan in hydel sector as Pakistan was bestowed with immense potential with hydel resources which remained unexplored.

He said the national economy could be strengthened and increasing import bill could be curtailed by exploring renewable, solar and wind energy.

“Solar energy is the order of the day,” the prime minister remarked and mentioned the government’s decision to introduce solar tube wells, establishment of solar parks of 5000-6000 MW capacity, installation of solar panels on households and solarization of government offices.

The prime minister assured that he would personally engage with the ministers and officers concerned to find out from where to start implementing the energy projects.

He also guaranteed the swift payments of profits and other funds to potential investors without any impediments of red tapism and nepotism.

“I will be the chief executive officer of these investments in Pakistan…This is the way forward…This is the shortest way forward,” he commented.