Pakistan, Turkiye express desire to strengthen cooperation in financial sectors

Islamabad: Pakistan and Turkiye on Wednesday expressed the desire to strengthen cooperation in the financial sectors between two countries, fostering deeper economic ties and enhancing bilateral relations for the prosperity of both nations.

This understanding reached during a meeting between Finance Minister Muhammad Aurangzeb and Turkish Ambassador Dr. Mehmet Pacaci in Islamabad today.

During the meeting, they discussed matters of mutual interest and further strengthening the bilateral relations between Pakistan and Turkiye.

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, the Finance Minister 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 and Preferential Trade Agreement in 2022 as a positive step towards achieving the bilateral trade target of five billion dollars in the medium term.

The Finance Minister also apprised the Turkish Ambassador of the recently established Special Investment Facilitation Council in Pakistan. SIFC is 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 and Business to Business arrangements in mutually agreed areas of interest.

The Minister also highlighted the establishment of the High-Level Strategic Cooperation Council in 2010 between Pakistan and Turkiye, aimed at developing a Strategic Economic Framework for cooperation in various sectors including energy, banking, commerce, railways, and tourism. He noted that a Joint Plan of Action under the Strategic Economic Framework is currently being implemented.