Pakistan Likely to Have Branch of a Turkish Bank Soon

Ambassador of the Republic of Turkiye Mehmet Pacaci paid a courtesy call on Federal Minister for Economic Affairs Ahad Khan Cheema on Monday where plans for the establishment of a branch of a Turkish bank in Pakistan were also discussed in order to further solidify economic ties between the two nations. The meeting centered on reinforcing the longstanding brotherly relations between Turkiye and Pakistan, with a focus on elevating economic cooperation to new heights. The minister commended the signing of the Trade in Goods Agreement/Preferential Trade Agreement (PTA) on 12 August 2022 was hailed as a significant step forward. He apprised the envoy about the establishment of the Special Investment Facilitation Council (SIFC), aimed at attracting investments from friendly countries, and highlighted the potential for Turkish investment in Pakistan especially in agricultural machinery & equipment and large-scale corporate farming. He further highlighted the untapped potential in bilateral trade and investment and stressed the importance of enhancing collaboration through government-to-government (G2G) and business-to-business (B2B) arrangements. The ambassador thanked the minister and acknowledged the brotherly relations between both nations. He reiterated the significance and conveyed Turkiye’s eagerness to explore avenues for expanding bilateral trade through the High-Level Strategic Cooperation Council (HLSCC) and the Strategic Economic Framework (SEF) and fostering cooperation in energy, banking, commerce, railways, and tourism. Notably, plans for the next session of the HLSCC, expected to convene soon, were discussed, with a focus on increasing the volume of trade to $5 billion.