ISLAMABAD: With the ongoing visit of Turkish President Recep Tayyib Erdogan to Pakistan, the two countries are set to strengthen their bilateral ties by signing eight Memorandums of Understanding (MoUs) on Thursday.
These agreements will cover trade, media exchange, military cooperation, and healthcare, among other sectors.
Turkish President Recep Tayyip Erdogan arrived in Islamabad on Wednesday night for a two-day visit, during which he will engage in high-level meetings with Pakistani leadership.
President Erdogan and Prime Minister Shehbaz Sharif co-chairing the 7th session of the Pakistan-Turkiye High-Level Strategic Cooperation Council (HLSCC) in Islamabad.
The HLSCC, the highest decision-making forum between the two nations, plays a pivotal role in shaping strategic bilateral relations. It operates through multiple Joint Standing Committees that oversee collaboration in trade, investment, banking, finance, defense, energy, agriculture, IT, health, and education.
Business & Investment Engagements
In addition to the HLSCC session, Pakistani and Turkish investors will engage in a B2B session, and a panel discussion titled: “Investing in Growth: Turkish Business Success and Future Potential in Pakistan.”
Senior officials, including the Chief Executive of the Trade Development Authority of Pakistan (TDAP) and the Secretary of the Special Investment Facilitation Council, will brief Turkish investors on trade and investment opportunities in Pakistan. Likewise, the Turkiye Presidency Investment Office will present insights into investment prospects in Turkiye.
Officials told News Diplomacy that key figures such as the President of Foreign Economic Relations Turkiye, Federal Minister for Commerce Jam Kamal, Turkiye’s Minister for Trade Dr. Omer Bolat, Prime Minister Shehbaz Sharif, and President Erdogan will deliver speeches at the Pakistan-Turkiye Business Forum.
Bilateral Trade & Challenges
Officials told News Diplomacy that during Erdogan’s visit, both countries are expected to finalize agreements aimed at expanding trade and investment cooperation.
In FY 2023-24, total trade between Pakistan and Turkiye stood at $543.4 million, with Pakistan’s exports to Turkiye at $298.78 million and imports at $244.63 million.
A look at trade figures from previous years shows fluctuations:
FY18: $643.73 million
FY19: $673.94 million
FY20: $617.91 million
FY21: $749.12 million
FY22: $882.53 million
FY23: $670.89 million
Officials pointed out that the decline in trade volume is primarily due to banking challenges and shipping connectivity issues. Moreover, both countries produce and compete in similar industries, such as agriculture, textiles, leather, and footwear, which has limited the scope for increasing trade.
With new agreements on the horizon, both nations aim to overcome these hurdles and unlock greater economic potential in their long-standing partnership.
