ISTANBUL: Pakistan and Turkiye have reaffirmed their commitment to strengthening bilateral economic relations and achieving the previously agreed target of increasing annual trade to $5 billion, as Prime Minister Shehbaz Sharif and Turkish President Recep Tayyip Erdogan held high-level talks in Istanbul on Saturday.
Addressing a joint press conference, President Erdogan said both leaders reviewed practical measures to expand trade, investment, and economic cooperation in line with the longstanding brotherly ties between the two nations. He confirmed that both governments remain committed to reaching the $5 billion trade target through enhanced commercial engagement.
Erdogan revealed that the relevant ministries of Pakistan and Turkiye are working on establishing a special economic zone for Turkish and Pakistani businesses in Karachi. He also said negotiations are continuing to expand the existing financial and trade cooperation framework between the two countries.
Highlighting defence collaboration as a key pillar of bilateral ties, the Turkish president said joint defence projects continue to strengthen economic cooperation while encouraging Turkish investors to expand their business operations in Pakistan.
President Erdogan also praised Pakistan's diplomatic efforts, saying they played a significant role in ending the recent US-Iran conflict and contributed to the signing of the Islamabad Memorandum of Understanding. He congratulated Prime Minister Shehbaz Sharif for his role in promoting regional peace and reiterated Turkiye's support for resolving disputes through dialogue and diplomacy.
Earlier, Prime Minister Shehbaz Sharif met senior executives of leading Turkish companies, including Çalık Holding, Albayrak Group, and the Union of Chambers and Commodity Exchanges of Turkiye (TOBB). During the meetings, he highlighted Pakistan's improving economic indicators, investor-friendly policies, and transparent business environment.
The prime minister invited Turkish companies to invest in priority sectors, including energy, mining, infrastructure, information technology, telecommunications, agriculture, logistics, manufacturing, maritime services, and privatisation projects. He also highlighted the role of the Special Investment Facilitation Council (SIFC) in providing one-window support for strategic investors.
Turkish business leaders welcomed Pakistan's ongoing economic reforms and expressed confidence in the country's investment climate. They reaffirmed their commitment to expanding long-term investments and strengthening commercial partnerships, reflecting the growing strategic and economic relationship between Pakistan and Turkiye.
