Agreements signed between Turkey and Pakistan include cooperation on health, security and education, and a commitment to increase bilateral trade to $5 billion from the current of $800 million.

Pakistan's Prime Minister Imran Khan (R) and Turkish President Tayyip Erdogan share a light moment during an agreement signing ceremony in Islamabad, Pakistan, February 14, 2020.
Pakistan's Prime Minister Imran Khan (R) and Turkish President Tayyip Erdogan share a light moment during an agreement signing ceremony in Islamabad, Pakistan, February 14, 2020. (Reuters)

Turkey and Pakistan on Friday inked a string of memorandums of understanding (MoUs), aimed at boosting the existing bilateral trade, economic engagement, and cultural and communication ties.

President Recep Tayyip Erdogan and Prime Minister Imran Khan witnessed the signing of the MoUs after the conclusion of Plenary Session of the 6th round of Pakistan-Turkey High Level Strategic Cooperation Council in Islamabad.

The MoUs include cooperation between the two countries' broadcasters TRT and PTV, education and overseas diaspora, culture and tourism development and facilitation, halal accreditation and conformity assessment, trade facilitation and customs cooperation, cooperation between postal services, cooperation in railway, military training cooperation, e-commerce, and declaration of economic framework to increase bilateral trade volume to $5 billion from the current volume of $800 million.

The two countries also signed an MoU in the energy sector.

The MoU proposes cooperation in the area of hydrocarbons, joint ventures in exploration and production and sharing of best practices in natural gas distribution, transmission, wholesale markets in the liquefied petroleum gas market.

Investment in Turkey

During the forum, Recep Tayyip Erdogan said no one who trusted investing in Turkey has regretted it so far.

The current trade volume of $804 million between Pakistan and Turkey is not sufficient, Erdogan noted, adding that the bilateral trade volume must first rise to $1 billion and then raise its target to $5 billion.

Erdogan also said Turkey's direct investment in Pakistan is about $500 million, and that the companies work in a way worthy of the Turkey-Pakistan friendship, serving Pakistan.

"Our cooperation in the field of defence industry is deepening in Pakistan, and in the field of contracting, Turkish companies have undertaken 68 projects worth more than $3.5 billion in Pakistan so far," he said.

He added that there were important infrastructure and energy projects among these and that Turkey had contractors who can be in solidarity with Pakistan in hydroelectric power plants because they have the infrastructure.

Referring to the energy projects, Erdogan said that it will be very useful to implement projects on electric power transmission that will connect Pakistan with the Central Asian geography, and on natural gas pipelines connecting Turkmenistan, Afghanistan, and Pakistan.

Source: AA