RECORDER REPORT

LAHORE: Punjab Board of Investment and Trade (PBIT) Chairman Abdul Basit while welcoming Istanbul Mayor Kadir Topbas has said that trade and economic relations could touch new heights in the coming days.

Chairman Basit in a statement on Tuesday said, “The textile sector has traditionally been the biggest sector of the economy. Studies and surveys confirmed that its contribution in total exports are almost 60 percent and it engaged almost 38 percent of manufacturing labour force to acquire more than a 46-percent share in overall manufacturing.

“In the context of getting GSP plus status, the need of technology improvement and capacity building in the textile sector of Pakistan has become necessary. We have been offered a golden chance to further increase the textiles exports by two billion dollars. It will attract 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.”

Pakistan is facing severe crisis in energy sector and it is the best way that we go far all possible options of alternative energy. Some kind of understanding should be developed between the private sector representatives of both the countries that will certainly provide basis to convert that into business deals, he added.

He admitted that these practical steps would surely go a long way in enhancing the current level of the two-way trade which had constantly dipped since 2011. He also stressed the need to identify reasons as to why our total trade that once touched the level of $916 million in 2011 had come down to $557.5 million in 2013.

“Some analysts presumed that the trade volume between Turkey and Pakistan can be increased as high as two billion dollars with some joint efforts made by public and private sectors of both the countries.

We have more than 40 accredited mediators who can provide mediation services in order to settle any trade dispute,” he added.