Investment in Turkey’s Free Zones Urged for Industrialists
Published on: June 7, 2024.
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Turkey Offers Investment Opportunities to Pakistani Industrialists
KARACHI: The Consul General of Turkey, Cemal Sangu, has announced that Pakistani industrialists will have the opportunity to invest in Turkey’s free zones, facilitating their exports to the European market with tax exemptions.
This initiative aims to enhance bilateral trade between Turkey and Pakistan. Sangu, speaking at a meeting of the Korangi Association of Trade and Industry (KATI), stated that immediate visas would be issued to industrialists and KATI members based on the association’s recommendations.
The KATI plans to establish trade missions in key sectors, providing investment opportunities and facilities under the Turkish government’s patronage to increase trade volume.
Cemal Sangu highlighted that the current trade volume of $1.3 billion between Turkey and Pakistan is significantly low.
He noted that Turkey has invested $3.5 billion in Pakistan, with Turkish companies investing $800 million since 2016 without repatriating any profits.
He emphasized the need for greater awareness of high-quality products from both countries.
Currently, 40 Turkish companies operate in Pakistan. Turkey’s agreement with the European Union on machinery and advanced technology ensures that Turkish-manufactured machinery is available at competitive prices.
There is significant demand in Turkey for Pakistani halal meat, fruits, vegetables, livestock, seafood, leather, wheat, and basmati rice. However, a lack of awareness has prevented both countries from fully capitalizing on these opportunities.
Sangu also mentioned the establishment of research and development institutes by Turkish companies in Pakistan. He noted a significant increase in Turkey’s tourism sector, which benefits Pakistani travelers, and ongoing efforts to ease visa facilitation for Pakistanis.
Scholarships and Educational Partnerships
Turkish universities will offer scholarships to 189 Pakistani students this year, with applications open from December to February. Additionally, 12 Turkish universities plan to visit Pakistan to offer admissions, with some expressing interest in setting up campuses in Pakistan.
KATI President Johar Qandhari praised the long-standing bilateral relations between Pakistan and Turkey, established since 1954. He noted that the Preferential Trade Agreement (PTA) signed in August 2022 has not yet met expectations. Under the China-Pakistan Economic Corridor (CPEC), there are numerous opportunities for joint ventures and investments in various sectors, including Islamic finance, halal food, tourism, low-cost housing, infrastructure development, telecommunications, and education.
Qandhari emphasized the need for university-level partnerships to strengthen ties in education and promote research and development. He also called for an easier and more convenient visa policy from Turkey, suggesting immediate visas on KATI’s proposal.
Promoting Tourism and Trade
Rashid Ahmed Siddiqui, Chairman of KATI Standing Committee on Diplomatic Affairs, highlighted the Turkish business community’s lack of awareness about Pakistan’s top products.
He suggested that Pakistan’s tourism sector offers numerous opportunities that need effective promotion to attract Turkish tourists, achievable through joint ventures.
Vice President of KATI, Muslim Mohammadi, announced that a Pakistani trade delegation will visit Turkey in September for B2B meetings.
He stressed the need for joint projects between the two countries. Other notable speakers included Gulzar Feroze, Syed Farrukh Mazhar, and Saleem-uz-Zaman.
Source: Business Recorder
