The Turkish-Pakistan Business Forum began in Istanbul on Saturday. The forum, which aims to strengthen the long-term economic partnership between the two countries and explore new trade, investment and industrial cooperation opportunities, saw high-level participation.
The forum was attended by Pakistan's Prime Minister Shehbaz Sharif, Foreign Minister Muhammad Ishaq Dar, Turkey's Trade Minister Ömer Bolat, Industry and Technology Minister Mehmet Fatih Kacır, Energy and Natural Resources Minister Alparslan Bayraktar, Pakistan's Ambassador to Ankara Yusuf Junaid and numerous businesspeople.
In his opening speech, Pakistan's Ambassador Yusuf Junaid said that under the leadership of President Recep Tayyip Erdoğan and Prime Minister Shehbaz Sharif, the economic partnership between the two countries is steadily deepening, and the deep-rooted political relations are increasingly turning into a solid economic partnership.
Pakistan extends privatization invitation to Turkish investors
Pakistan's Privatization Minister Muhammad Ali stated that his country has regained growth momentum with recent structural reforms, and invited Turkish investors to privatization programs, public-private partnerships and special economic zones. Ali said, "We are continuing our work and making encouraging progress. Under the privatization program, electricity distribution companies, airports and insurance companies are being opened to investors." He also expressed that they want to benefit from Turkey's extensive experience in the energy distribution sector.
Turkish seismic vessels expected in Pakistan in September-October
Pakistan's Petroleum Minister Ali Pervaiz Malik announced that his country has more than 178 oil exploration licenses and that the drilling success rate is 35 percent, significantly above the world average. Malik announced that Pakistan has opened a new offshore exploration tender and that Turkish Petroleum Corporation (TPAO) has won several of the 23 blocks. Noting that TPAO will open an office in Islamabad, Malik said they hope Turkish seismic research vessels will begin operations in Pakistani territorial waters in September and October.
Electricity distribution to be transferred to private sector
Pakistan's Energy Minister Sardar Awais Laghari emphasized that the government attaches strategic importance to the energy sector, and stated that they aim to completely transfer the management of electricity distribution companies to the private sector. Laghari thanked Turkey for its continuous support, and noted that the new electricity market reforms will move the sector from a direct state procurement system to a competitive free market model.
Technology sector grew by 20 percent
Pakistan's Minister of Communications and Information Technology Shaza Fatima Khawaja said the technology sector has grown by 20 percent over the past three years. Khawaja reported that Pakistani developers and experts serve more than 70 countries, with 61 percent of the sector's exports going to North America, 19 percent to Europe, 12.5 percent to Gulf countries and 7 percent to Asia. Noting that the government provides significant tax incentives to support digital transformation, Khawaja stated that the young population of over 150 million makes Pakistan a promising hub for technology and the digital economy.
