No one has regretted investing in Turkey: Erdoğan

ISLAMABAD

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Turkey's president on Feb. 14 attended a joint session of Turkey-Pakistan Business Forum in the Pakistani capital of Islamabad.

During the forum, President Recep Tayyip Erdoğan said no one -- who trusted to invest and trust Turkey -- has regretted it so far.

The current trade volume of $804 million between Pakistan and Turkey is not sufficient, Erdoğan noted, adding that the bilateral trade volume must first rise to 1$ billion and then raise its target to $5 billion.

Erdoğan also said Turkey's direct investment in Pakistan is about $500 million, and that the companies work in a way worthy of the Turkey-Pakistan friendship, serving Pakistan.

"Our cooperation in the field of the defense industry is deepening in Pakistan, and in the field of contracting, Turkish companies have undertaken 68 projects worth more than $3.5 billion in Pakistan so far," he said.

He added that there were important infrastructure and energy projects among these and that Turkey had contractors who can be in solidarity with Pakistan in hydroelectric power plants because they have the infrastructure.

Referring to the energy projects, Erdoğan said that it will be very useful to implement projects on electric power transmission that will connect Pakistan with the Central Asian geography and on natural gas pipelines connecting Turkmenistan, Afghanistan, and Pakistan.

Turkey, Pakistan agree on strategic economic framework

Turkey and Pakistan agreed on a strategic economic framework and an action plan, Turkey's trade minister said on Feb. 14

Speaking at the same forum as the president, Pekcan said high-level council with the attendance of two countries' leaders addressed trade and economic cooperation.

Bilateral trade volume is aimed to exceed $1 billion in short-term, up from its current level of $850 million, she added.

"I believe that bilateral investments will continue accelerating, thanks to the [Turkish] president's visit to Pakistan," Pekcan noted.

She stressed the importance of Turkish contractors to participate in Pakistan's infrastructure and superstructure investments.

"We will utilize the sources of Turk Eximbank and the Asian Infrastructure Investment Bank to finance those projects," Pekcan highlighted.

The forum was organized by Turkey's Foreign Economic Relations Board and the Federation of Pakistan Chambers of Commerce and Industry.