PM offers Turkish traders ‘win-win’ investment in Pakistan’s energy sector

Shehbaz Sharif says Pakistan direly needed improvement in energy field: Turkish textile companies can explore joint ventures

By: News Desk
Published: 03:28 PM, 1 Jun, 2022
PM offers Turkish traders ‘win-win’ investment in Pakistan’s energy sector
Caption: Prime Minister Shehbaz Sharif addressing Turkish investors in Ankara.
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With the rolling blackouts back in the country due to electricity shortfall, Prime Minister Shehbaz Sharif on Wednesday invited the Turkish investors to explore Pakistan’s diverse sectors, particularly the energy sector offering immense opportunities and scope for development.

Addressing at the Pakistan Turkey Business Council under the DEIK – Foreign Economic Relations Board in Ankara, the prime minister said Pakistan’s energy sector with its vast potential in hydel, thermal, coal, wind, and solar areas could prove ideal for Turkish investors.

PM Sharif said a number of leading Turkish investors had already made investments in Pakistan, and assured full cooperation by his government to pursue their projects. He said given the growing energy needs and high global energy prices, Pakistan direly needed improvement in its energy sector and emphasized that the Turkish investment would be a win-win situation.

He said Pakistan could benefit from Turkey’s expertise in building and managing dams for water conservation.

Giving an overview of the economic and investment opportunities in Pakistan, the prime minister highlighted his focus on energy, housing, textiles, infrastructure development, agro-based industry, and oil and gas sectors.

Shehbaz Sharif said Pakistan-Turkey relations are built on unbreakable bonds of love, affection, and respect as the two countries shared a history, century-old tradition, and common aspirations. He mentioned that the two nations always stood with each other at all times, and added that their relations were marked by extreme cordiality and exceptional mutual trust.

PM Shehbaz Sharif said Pakistan and Turkey must engage with renewed resolve and commitment to building upon this solid foundation, to take this relationship to new heights, particularly in the vital fields of commercial, economic, and investment cooperation.

He also emphasized that Turkish textile companies could explore the sector for joint ventures, especially for intra-industry trade as well as becoming partners in regional and global value chains. 

He also invited the Turkish firms relating to the agro-industrial sector and dairy farming and said ample opportunities existed in these sectors.

The prime minister stressed that Pakistani and Turkish companies could also work together in the oil and gas sector. They could collaborate not only in exploration and production but in building refineries and pipelines, he said.

Shehbaz Sharif highlighted the priorities of his government, saying that addressing the challenges of industrial sustainability, particularly in view of the global fourth industrial revolution was significant.

He said Pakistan with its huge youth bulge could undergo remarkable progress and development in various sectors of public importance.

Foreign Minister Bilawal Bhutto Zardari, Minister for Commerce and Investment Syed Naveed Qamar, and Minister for Information and Broadcasting Marriyum Aurangzeb were present.

PM for close coordination on regional, int’l issues

Prime Minister Shehbaz Sharif highlighted the convergence between the two countries on a range of regional and international issues and stressed the need for continued close coordination.

The prime minister expressed these views in a meeting with Foreign Minister of the Republic of Turkey Mevlüt Çavuşoğlu, in Ankara.

While receiving the Turkish Foreign Minister, the prime minister noted that the bilateral relations were exceptionally warm as the people of the two countries shared special bonds that dated back centuries. He recalled the support extended by the two countries to each other in times of need.

Shehbaz Sharif deeply lauded the personal contribution of the Turkish Foreign Minister in advancing bilateral relations and for playing an important role in strengthening existing institutional mechanisms of cooperation between the two countries.

In this context, the importance of the 7th session of the High-Level Strategic Cooperation Council (HLSCC) was highlighted and the substantive preparations for it were reviewed.

The prime minister particularly underscored the importance of increasing bilateral trade volume to US$5 billion over the next three years. He also underlined the resolve to fully facilitate Turkish companies in Pakistan and invited them to invest in diverse sectors including food processing, agriculture, automotives, information technology, hydel, solar, and wind energy.

Noting the steadfast support of the two countries for each other on issues of core interest, the Prime Minister thanked the Turkish Foreign Minister for Turkey’s principled policy on Jammu and Kashmir.

He added that the people of Pakistan and Kashmir deeply appreciated Turkey’s support for this just cause. On Afghanistan, the prime minister stressed the importance of addressing the dire humanitarian situation, the release of Afghan assets to help stabilize the economy, and continued efforts for sustainable peace and stability in the country.

Meanwhile, Turkish Commerce Minister Dr Mehmet Muş called on Prime Minister Shehbaz Sharif on Wednesday and exchanged views with him on benefitting from the trade potential existing between the two countries.

The prime minister called the need for strengthening the trade mechanisms between the two countries to expand its scope.

The prime minister particularly underscored the importance of increasing bilateral trade volume to US$5 billion over the next three years.

He also underlined the resolve to fully facilitate Turkish companies in Pakistan to enhance trade.

Prime Minister Shehbaz Sharif is in Turkey on a three-day official visit from 31 May to 2 June.