Lahore - Turkey will open its consulate office in Lahore very soon to facilitate businessmen of this part of the world.

This was revealed at a meeting between the 12-member Turkish delegation and the LCCI President Ijaz A Mumtaz here at the Lahore Chamber of Commerce and Industry on Friday. CEO Pakistan Turkey Business Association Sadi Yildirir and head of Turkish delegation Tevfik Ayhan also spoke on the occasion.

LCCI President Ijaz A Mumtaz threw light on the economic scenario and trade & investment opportunities available in Pakistan. He also forwarded various proposals to give boost to two-way trade.

Former LCCI president Bashir A Baksh and executive committee members were also present on the occasion.

Sadi Yildirir informed the participants that Lahore to Istanbul direct flight would start from August 15 on daily basis. He said that another Turkish delegation will visit Pakistan in the third week of August. Sadi said, “We are also planning a single country exhibition in collaboration with the Lahore Chamber of Commerce & Industry.”

He said Turkish businessmen were keen to undertake joint ventures with their Pakistani counterparts in the fields of printing, security systems, building materials, construction services and textiles etc. Pakistan businessmen should come forward and avail the opportunity to the maximum.

Sadi said both countries could have first-hand knowledge of the trade and investment opportunities through exchange of trade delegation on regular basis. He said Turkey and Pakistan had marvelous untapped business potential that needed to be realized by maximizing the involvement of private sectors of the two countries.

Speaking on the occasion, the LCCI President Ijaz A Mumtaz hoped that the economic relation between the two countries would strengthen further to create a win-win situation for Pakistan and Turkey. “We together need to make efforts to reverse the present trend in bilateral trade. Pakistan’s exports are constantly dropping since 2011 when it was maximum with USD 756 million. In 2013, Pakistan exported to the tune of USD 407 million to Turkey but last year the value of total exports came further down to USD 391 million. So far as imports from Turkey to Pakistan are concerned, these have been ranging between USD 150 million to USD 190 million.

Considering the size of both the economies, these trade figures seem quite dismal. We must find ways to take the bilateral trade to at least US$ 1 billion in coming three to four years,” he added.