FPCCI stresses stronger Pak-Turkiye economic ties

KARACHI: Senior leadership of the Federation of Pakistan Chambers of Commerce and Industry (FPCCI) underscored the importance of strengthening Pakistan-Turkiye economic ties during a session on ‘Investment Horizon of Turkiye’ at the 1st Palandoken Economic Forum on Tuesday.

The forum was organised by the Erzurum government in collaboration with the Union of Chambers and Commodity Exchanges of Turkiye (TOBB) and the World Chambers Federation. According to an FPCCI statement, the forum’s theme was ‘An Equitable Future in a Smart World: Intelligent Economics and Global Inequality’. It was attended by prominent business leaders from Turkey, the US, Iran, Azerbaijan, Egypt, China, Indonesia, Uzbekistan, Tajikistan, northern Cyprus, Kazakhstan, Turkmenistan, and other countries.

The FPCCI leadership highlighted the longstanding bilateral relationship between Pakistan and Turkiye, noting their shared membership in key multilateral platforms such as the Economic Cooperation Organisation (ECO), the Developing Eight (D-8), the Asia-Pacific group, and the Organisation of Islamic Cooperation (OIC). Turkiye, they noted, is one of the largest investors in Pakistan, with major projects in multiple sectors.

They pointed out that both countries possess comparative advantages -- Turkiye in advanced technology and Pakistan in raw materials and skilled human capital. The FPCCI proposed enhancing cooperation in trade, infrastructure and energy to mutually benefit both economies.

Further areas of collaboration suggested included education and tourism. The leaders noted that Pakistan’s trade via road and rail under the TIR Convention has helped reduce transit time and costs. However, they flagged challenges related to insufficient support from corresponding banks. To address these issues, they proposed establishing a joint investment company to facilitate smoother financial and banking transactions.