LCCI seeks Turkish investment in textile sector
June 10, 2014 (Pakistan)
The Lahore Chamber of Commerce and Industry (LCCI) has sought investment from Turkish businessmen in the country’s textile sector.
During a meeting with a seven-member Turkish business delegation at the LCCI office, LCCI president Sohail Lashari said the textiles sector has traditionally been the biggest sector of Pakistan’s economy.
Studies and surveys confirm that the textile sector’s contribution in total exports are almost 60 percent and it engages almost 38 percent of manufacturing labour force to acquire more than 46 percent share in overall manufacturing, Mr. Lashari informed the visiting Turkish team, according to a LCCI press release.
The LCCI President said that in the context of having won the European Union’s GSP plus status, the need of technology improvement and capacity building in textile sector of Pakistan is necessary.
“We have been offered a golden chance to further increase the textiles exports by US$ 2 billion. It does need foreign investment and no other country can become better partner with Pakistan than Turkey. So any initiative from Turkish business community related to textiles is always welcome,” Mr. Lashari said.
He added that Turkey is well positioned to take advantage of Pakistan’s economic potential and its geo-strategic location. “Let us make trade and investment, the central pillar of this cooperation,” he told Metin Gundogdu, head of the Turkish delegation.
On his part, Mr. Gundogdu said that Turkish businessmen are ready to initiate joint ventures with their Pakistani counterparts as they are convinced that ample opportunities lie in a number of sectors.
He said Turkey is the second fastest growing economy in the world after China and first in the European Union, and it has a lot to offer to their Pakistani counterparts, who should avail the available opportunities.
The head of the delegation called for exchange of business delegations so that both the sides could have firsthand knowledge of the available opportunities in Pakistan and Turkey.
He said that both the countries have marvelous untapped business potential that needs to be realized by maximizing the involvement of private sectors of the two countries. He hoped that the economic relation between the two countries would strengthen further to create a win-win situation for Pakistan and Turkey.
Bilateral trade between Turkey and Pakistan touched the level of $916 million in 2011, but has come down to $557.5 million in 2013.