Union of Chambers and Commodity Exchanges of Turkey

Attending the dinner hosted by TOBB President M. Rifat Hisarcıklıoğlu wherein trade and investment relations between Turkey and Pakistan were discussed were Prime Minister of Pakistan Imran Khan, Trade Minister Ruhsar Pekcan, Pakistani Foreign Minister Makhdoom Shah Mehmood Qureshi, Pakistan Planning Minister Makhdoom Khusro Bakhtyar and Pakistani Prime Minister Private Consultant Syed Zulfiqar Abbas Bukhari.

TOBB President Hisarcıklıoğlu stated that they are aware of the success of Prime Minister Khan in in sports, academic life and social responsibility projects as well as politics. “The people of Pakistan have displayed their acumen in electing a well-rounded politician in the beloved prime minister. I congratulate my Pakistani brothers on this matter.”

Thanking Prime Minister Khan for the support given to Turkey’s fight against the terrorist organization FETÖ, Hisarcıklıoğlu said, “We have also always supported Pakistan as TOBB. In 2010, we mobilized the Turkish business world for the flood disaster in Pakistan. We were with our Pakistani brothers. We have campaigned all over the country and sent 4.7 million USD of aid to our Pakistani brothers and sisters.”

Stating that the trade volume between Turkey and Pakistan, while having such close relations in a myriad of fields, is insufficient, Hisarcıklıoğlu said, “Our bilateral trade, which is just over half a billion dollars, is not fitting for two sister countries. Similarly, our mutual investments are not at the level we want. Turkey's total direct investments in Pakistan is 1 billion USD while Pakistan's direct investment in Turkey is around 600 million USD. Our contracting companies have undertaken important projects in Pakistan as they have done throughout the world. A total of 59 projects have been successfully completed to date. We have established Turkey-Pakistan Chamber of Commerce Forum as a part of our cooperation. The problems experienced by our companies are discussed here, after which we relay proposals to our governments in Turkey and Pakistan. We are deeply troubled by protectionist policies in trade. We think that protectionism will impoverish our people.”

Referring to the problem regarding visas, the TOBB President said, “We are friends, brothers. Should brothers visit each other's house only through permission? Visa application is a serious obstacle to trade. At least we have to save the business world from this visa problem. Support us. Give the Turkish business world the opportunity. Let's invest more. Let's engage in more mutual trade.”

Hisarcıklıoğlu stated that Turkey is one of Europe's most important suppliers for home appliances, construction material, cement, and spare parts in the automotive, shipbuilding industry.

Indicating that industrial products comprise over 90% of Turkey's exports, Hisarcıklıoğlu said, "Half of these are marketed to regions of high competition such as Europe and the US. In tourism, we are achieving success in overseas contracting worldwide. 40 years ago in tourism, our name was unheard of; with investments and vision of our private sector, we have entered the top 10 destinations in the world today. There are 46 Turkish contracting firms in the World's Top 250 International Contractors. With this number, we are on ranked higher than the United States. We are ready to share our experience with our brothers. Especially in the infrastructure investments in Pakistan-China economic corridor, we would like to get more share as Turkish contractors.”

Hisarcıklıoğlu provided information regarding the work and structure of the Union of Chambers and Commodity Exchanges Turkey during his speech.

- Pakistan's Prime Minister Imran Khan

Prime Minister of Pakistan Imran Khan stated that he is attending the program with many ministers accompanying him including Pakistani Foreign Minister Makhdoom Shah Mehmood Qureshi and Planning Minister Makhdoom Khusro Bakhtyar, “I brought my team with me because the time has come to increase trade volume of Pakistan and Turkey.”

Stating that the desired bilateral trade levels between the two countries have not been achieved due to various reasons, Khan said that one of the reasons is the distance between Turkey and Pakistan.

Khan, pointing to the length of the distance in terms of maritime route, “I think this problem will be solved in the coming years because there is a very important development underway in Pakistan. This is the Chinese Belt Road initiative.” Khan stated that they intended to form links where their country did not have any before.

Underlining that his country is a virgin region, Khan said, “Pakistan has great potential in many areas and this potential has not yet been fully utilized.”

- Minister of Trade Ruhsar Pekcan

Trade Minister Ruhsar Pekcan said that the trade volume between Turkey and Pakistan remains inadequate for two friendly and brotherly countries and that they are striving to advance economic and trade relations.

Expressing that significant investments to Pakistan from Turkey are underway, Pekcan said, “Our companies employ 6,506 people in Pakistan. I firmly believe that our companies’ investment in Pakistan will grow further in the future and deepening our bilateral economic relations. At this point our companies’ high interest in Pakistan will continue in the near future and will increase the level of economic partnership between our countries.”

Pekcan reporting that Turkish contractors have undertaken 9,600 completed and undergoing projects in 123 countries with a total of worth 378.9 billion USD and said:

“Our contractors are also taking on significant projects in Pakistan. We have 62 projects in your country, mostly in the energy, infrastructure, construction and consultancy sectors. Road projects are leading in these large-scale projects.”