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Wednesday February 01, 2023

PM woos Turkish investors with lucrative, incentive driven opportunities

PM said his govt would no longer tolerate any snags, impediments in way of investment from foreign investors including Turkish brothers

By APP
November 26, 2022
Addressing a Turkiye-Pakistan Business Council meeting, the prime minister said his government would no longer tolerate any snags and impediments in the way of investment from foreign investors including the Turkish brothers.— APP
Addressing a Turkiye-Pakistan Business Council meeting, the prime minister said his government would no longer tolerate any snags and impediments in the way of investment from foreign investors including the Turkish brothers.— APP

ISTANBUL: Prime Minister Shehbaz Sharif on Saturday stressed that Turkish companies to invest in Pakistan, as the infinite potential between the two brotherly countries should also be reflected in bilateral trade and business.

Addressing a Turkiye-Pakistan Business Council meeting, the prime minister said his government would no longer tolerate any snags and impediments in the way of investment from foreign investors including the Turkish brothers.

He reassured that his government would fully provide a hassle and red-tape-free environment to Turkish investors.

He informed that during his meeting with President Recep Tayyip Erdogan, it was conveyed that more Turkish companies were eager to come to Pakistan.

The prime minister said the people of Pakistan as they had benefited from the Turkish investment and support.— APP
The prime minister said the people of Pakistan as they had benefited from the Turkish investment and support.— APP

The prime minister said that it was regrettable that in the past regime, the Turkish companies that had invested in Pakistan were not given their due payments. Similar was the case with the Turkish airlines operating in Pakistan.

The prime minister said such lethargy and red tape were not acceptable to his government and the people of Pakistan as they had benefited from the Turkish investment and support.

“I want to convey this message to all, through you that we are brothers and family and will not tolerate such snags and impediments which hurt our ties,” he said and reassured that his government would remove all the issues and address their genuine issues.

He said to further promote their bilateral trade and business relations, work on the "Trade and Goods Agreement" between the two brotherly countries would be expedited.

He said that they had signed an MOU to enhance the bilateral trade volume up to $5 billion in the next three years.

Turkiye’s annual trade stood at around $250 billion dollars and the trade between Pakistan and Turkiye was hovering around one and a half billion dollars which had been peanuts while considering the immense potential, he added.

The prime minister stressed that such a scenario did not reflect their exemplary brotherly ties and stressed fully exploring the indefinite potential on both sides.

He said they should make efforts and endeavour to double this trade volume in the next three years with strong commitment and sincerity of purpose as "only hard work and untiring efforts will be keys to a wonderful success story".

The prime minister said their friendship and brotherhood had been known to all and sundry, as the world knew them "like brothers and a family".

The prime minister said their friendship and brotherhood had been known to all and sundry, as the world knew them like brothers and a family.— APP
The prime minister said their friendship and brotherhood had been known to all and sundry, as the world knew them "like brothers and a family".— APP

“Though the people of the two countries speak different languages, they understand each other as and their hearts beat together,” he said, adding that historical relations and fraternal ties were not properly reflected in the volume of bilateral trade and business.

The prime minister opined that in every country, trade, investment and business activities were governed by financial rules and regulations.

He said that in this regard, the two brotherly countries had threshed out their problems to great extent.

The prime minister said that he firmly believed that it was not too late to mend and stressed that they should move forward with joint efforts and cooperation.

“Let’s start today and look forward and learn from the past and move with speed, so that we can compensate for the past losses and make dividends. There is immense potential on both sides, let’s synergize and move speedily to show to the world that we as brothers have the will, commitment and sincerity of purpose to convert our words into action,” he added.

Prime Minister Shehbaz Sharif mentioned that certain Turkish companies faced red tape in Pakistan. There might be a lack of understanding of the wider picture, sometimes bureaucracy created problems, he said, adding that they needed to cut down the red tape with sharp scissors and simplify the system.

He said governments might come and go, but the trade and business ties between the brotherly countries should not be impacted.

The prime minister said that China was a sincere and time-tested friend of Pakistan that had invested about 33 billion dollars in the flagship China-Pakistan Economic Corridor (CPEC) from 2014 to 2018 before the completion of Nawaz Sharif’s government and subsequently, it was slowed down.

The prime minister also noted that the world had been passing through difficult challenges, like the Russia-Ukraine conflict which saw spiralling of commodities and petroleum prices with the supply of gas becoming scant. The countries like Pakistan were suffering due to such a scenario; wheat and fertilizers were hugely required by Pakistan to meet its domestic requirements.

The prime minister also lauded President Erdogan for making diplomatic efforts and rescuing the world by streamlining the supply of wheat from Ukraine.

He also mentioned the incredible efforts of United Nations Secretary-General Antonio Guterres in this regard as well.