Latest news with #DurmusBastug
Business Recorder
3 days ago
- Business
- Business Recorder
Turkish CG visits LCCI to explore ways aimed at boosting trade
LAHORE: The Consul General of Turkiye, Durmus Bastug visited the Lahore Chamber of Commerce and Industry on Monday to explore ways to expand trade and investment cooperation between the two brotherly countries. The key areas, which came under discussion for enhancing collaboration, were trade, investment, technology, tourism and agriculture, along with the regular exchange of business delegations. LCCI Vice President Shahid Nazir Chaudhry, Executive Committee Members Khurram Lodhi, Irfan Ahmad Qureshi, Amina Randhawa, Karamat Ali Awan, Rana Muhmmad Nisar, Shouban Akhter and Asif Khan also spoke on the occasion. Durmus Bastug said that many of Turkiye's leading companies are already operating in Pakistan which reflects the confidence of Turkish investors in Pakistan's market. He stressed the importance of strengthening business-to-business relations and shared Turkiye's interest in initiating more joint ventures with Pakistani counterparts. He said that Pakistan and Turkiye shared a bond rooted in brotherhood and mutual respect and assured that all possible efforts are underway to elevate the level of bilateral trade and cooperation. LCCI Vice President Shahid Nazir Chaudhry said that Pakistan holds its relationship with Turkiye in the highest regard. He said that the bond between the two countries is not just diplomatic but deeply historical and cultural, with both nations standing side by side during moments of celebration as well as times of adversity. He also recognized the crucial role played by both countries as members of the Organization of Islamic Cooperation in fostering unity, peace and progress within the Muslim world. While acknowledging the strong relationship, he pointed out that the current volume of bilateral trade remains modest. He shared that Pakistan's exports to Turkiye during FY 2023–24 amounted to $337 million, while imports stood at $491 million, making the total trade volume around $828 million. He stressed the need for greater efforts to unlock the untapped trade potential and fully utilize the Trade in Goods Agreement, which came into effect in May 2023. He expressed optimism that with mutual collaboration, the trade volume could be increased to at least $5 billion in the coming years. He also identified significant potential for growth in areas such as textiles, construction, food processing, pharmaceuticals, energy, tourism, sports goods and especially the information technology sector. LCCI vice president underlined the role of business institutions in strengthening bilateral ties and assured that the Lahore Chamber is ready to take the lead in promoting joint ventures, hosting trade delegations, participating in international trade exhibitions and organizing Pakistan–Turkiye business forums. He added that the Turkish Consulate General in Lahore can serve as a vital link between Turkish investors and the Pakistani business community, particularly in a vibrant city like Lahore, which serves as the cultural, industrial and economic hub of Punjab. Copyright Business Recorder, 2025
Express Tribune
3 days ago
- Business
- Express Tribune
Turkiye looks for jointventures in IT, tourism
Turkiye Consul General Durmus Bastug on Monday visited the Lahore Chamber of Commerce and Industry (LCCI) to explore ways to expand trade and investment cooperation with Pakistan. Key areas that came up for discussion were technology, tourism and agriculture along with regular exchange of business delegations. The ambassador said that many leading companies of Turkiye were already operating in Pakistan, which reflected the confidence of Turkish investors in the South Asian country's market. He stressed the importance of strengthening business-to-business ties and shared Ankara's interest in initiating more joint ventures with Pakistani firms. Speaking on the occasion, LCCI Vice President Shahid Nazir Chaudhry highlighted Turkiye's consistent support for Pakistan on key international matters. While acknowledging the strong relationship, he pointed out that the current volume of bilateral trade was modest. Pakistan's exports to Turkiye during fiscal year 2023-24 amounted to $337 million while imports stood at $491 million, bringing the total trade volume to around $828 million. He stressed the need for greater efforts to unlock the untapped trade potential and fully utilise the Trade in Goods Agreement, which came into effect in May 2023. He expressed optimism that with mutual collaboration, the trade volume could be increased to at least $5 billion in the coming years.
