Minister Aurangzeb and Ambassador Pacaci Discuss Trade and Investment Opportunities

Islamabad - 20 March 2024 (Adnan Hameed) : The Turkish Ambassador to Pakistan, Dr. Mehmet Pacaci, called on Minister for Finance & Revenue, Muhammad Aurangzeb, at the Finance Division today, to discuss matters of mutual interest and further strengthening the bilateral relations between Pakistan and Turkiye. Ambassador of Turkiye, Dr. Mehmet Pacaci, extended felicitations to Muhammad Aurangzeb upon his appointment as Minister for Finance and Revenue and expressed confidence towards further strengthening of economic ties between the two countries. Minister for Finance & Revenue, Muhammad Aurangzeb, expressed sincere acknowledgment of the brotherly relations between Pakistan and Turkiye, which are deeply rooted in shared common faith, history, and cultural affinities. Highlighting the excellent political and social relations between the two countries, Minister Aurangzeb emphasized the necessity of translating these relations into robust economic and commercial collaboration to their full potential. He welcomed the signing of the Trade in Goods Agreement/Preferential Trade Agreement (PTA) on 12 August 2022, as a positive step towards achieving the bilateral trade target of USD 5 billion in the medium term. The Minister also apprised the Turkish Ambassador of the recently established Special Investment Facilitation Council (SIFC) in Pakistan, aimed at attracting investments from friendly countries in various sectors, such as defense, agriculture, mines and minerals, energy, and the IT industry. He further emphasized the need to actively work on enhancing trade and investment portfolios through Government-to-Government (G2G) and Business to Business (B2B) arrangements in mutually agreed areas of interest. The Minister also highlighted the establishment of the High-Level Strategic Cooperation Council (HLSCC) in 2010 between Pakistan and Turkiye, aimed at developing a Strategic Economic Framework (SEF) for cooperation in various sectors including energy, banking, commerce, railways, and tourism. He noted that a Joint Plan of Action under the SEF is currently being implemented. Concluding the meeting, both sides expressed their mutual desire to strengthen cooperation in the financial sectors between Pakistan and Turkiye, fostering deeper economic ties and enhancing bilateral relations for the prosperity of both nations.