Pakistan, Türkiye reaffirm $5bn trade goal

Pakistan and Türkiye have agreed to accelerate economic cooperation, reaffirming their commitment to increase bilateral trade to $5 billion

Pakistan and Türkiye have agreed to accelerate economic cooperation, reaffirming their commitment to increase bilateral trade to $5 billion while expanding collaboration in investment, energy, defence, information technology and strategic industries.

The understanding was reached during talks between Prime Minister Shehbaz Sharif and Turkish President Recep Tayyip Erdoğan in Istanbul, where both leaders reviewed the full spectrum of bilateral relations and discussed practical measures to strengthen trade and investment.

Speaking at a joint press conference, President Erdoğan said both countries remained committed to achieving the previously agreed $5 billion trade target. He said work was progressing on a planned special economic zone for Turkish investors in Karachi, while negotiations to broaden financial and trade cooperation were also continuing.

Erdoğan encouraged Turkish businesses to increase investment in Pakistan, describing defence cooperation as a key pillar of the growing economic partnership. He noted that both countries were working on new joint projects that would further strengthen strategic ties.

The Turkish president also praised Pakistan’s diplomatic efforts that contributed to easing regional tensions and welcomed the Islamabad Memorandum of Understanding, saying it had helped restore stability. He commended Prime Minister Shehbaz Sharif for his role in promoting dialogue and peaceful engagement.

Discussing regional developments, Erdoğan reiterated Türkiye’s support for resolving disputes through diplomacy and called for lasting peace and stability across the region.

Prime Minister Shehbaz Sharif said Pakistan and Türkiye had always stood together during difficult times, highlighting the longstanding friendship and mutual support between the two nations.

He praised President Erdoğan’s leadership and said Türkiye had achieved remarkable progress in economic development, technology and global influence over the past two decades. The prime minister added that the strong political relationship between the two countries was now entering a new phase focused on economic growth and investment.

Shehbaz said discussions with the Turkish leadership focused on expanding cooperation in trade, investment, energy, petroleum exploration, mining, information technology, infrastructure and industrial development. He expressed confidence that the goodwill shared by both nations would help achieve the $5 billion trade target.

The prime minister also reaffirmed Pakistan’s support for Türkiye on issues of mutual importance and appreciated Ankara’s consistent backing for Pakistan’s position on Jammu and Kashmir.

Earlier, the two leaders held detailed delegation-level talks at Istanbul’s Vahdettin Palace, where they agreed to deepen cooperation in multiple sectors and maintain close coordination on regional and international issues. Prime Minister Shehbaz also invited President Erdoğan to visit Pakistan later this year during the next session of the High-Level Strategic Cooperation Council.

On the sidelines of the visit, Deputy Prime Minister and Foreign Minister Ishaq Dar met senior executives of Türkiye’s leading business conglomerate Koç Holding and invited Turkish investors to explore investment opportunities in Pakistan’s energy, manufacturing, mining and industrial sectors.

Dar highlighted Pakistan’s improving investment climate and encouraged Turkish companies to establish joint ventures, saying stronger business-to-business partnerships would further strengthen economic relations.

The Turkish business delegation expressed interest in expanding investments in Pakistan and acknowledged the country’s improving economic outlook and investor-friendly policies.

Prime Minister Shehbaz also held separate meetings with senior representatives of major Turkish business groups and industry organisations, inviting them to invest in priority sectors including energy, infrastructure, mining, logistics, agriculture, information technology and telecommunications.