Pakistan, Turkey Reaffirm Strategic Partnership, Pledge to Boost Trade to $5 Billion

Pakistan Prime Minister Shehbaz Sharif has reaffirmed Islamabad's commitment to strengthening ties with Turkiye, saying the two countries' prosperity is closely linked as both sides pledged to deepen economic and defence cooperation.

Speaking alongside Turkish President Recep Tayyip Erdogan at a joint news conference in Istanbul on Saturday, Sharif stressed the close relationship between the two allies.

"Turkiye's success is Pakistan's success, Pakistan's progress is Turkiye's progress," Sharif said.

The two leaders agreed to expand economic cooperation and reiterated their commitment to increasing bilateral trade to $5 billion from about $1.3 billion in 2024, according to Turkiye's Ministry of Foreign Affairs.

Erdogan described defence cooperation as a key pillar of the two countries' economic partnership and called for greater investment in Pakistan.

"Our cooperation in the defence industry, one of the most important elements of our economic relations, is developing day by day with new projects," Erdogan said in a post on X.

"We want to deepen our cooperation with Pakistan in the areas of energy, transportation, critical minerals, and information technologies," he added.

Erdogan said officials from both countries were working on plans for a special economic zone in Karachi while negotiations were continuing to expand their financial trade agreement.

The Turkish president also praised Pakistan's role in promoting peace in West Asia.

"Thanks to the calm achieved with the Islamabad Agreement, the entire world has taken a deep breath," Erdogan said.

Sharif said the Pakistan-Turkey Business Conference had strengthened his confidence that economic ties between the two countries were entering a new phase.

Both leaders welcomed the growing momentum in bilateral trade, investment and industrial cooperation.

According to Turkey's foreign ministry, Turkish investments in Pakistan total about $2 billion, while Turkish contractors have completed 72 projects in the country worth around $3.5 billion as of 2024.

Sharif arrived in Istanbul on Friday for a bilateral visit after attending the funeral ceremonies of Iran's slain Supreme Leader Ayatollah Ali Khamenei in Tehran.

(PTI)