PR No.166 PAKISTAN – TURKEY INVESTMENT ROUND TABLE Islamabad, November 17, 2016

The Pakistan-Turkey Investment Round Table was organized by the Board of Investment held on 17th November, 2016 at Serena Hotel, Islamabad during the 02 days official visit of Turkish President Mr. Recep Tayyip Erdogan, to Pakistan. The Pakistani Prime Minister Mr. Muhammad Nawaz Sharif also graced the investment round table. The investment round table was attended by President & CEO’s of different 30 multinational Pakistani business circles and around 20 prominent business delegation from Turkey. Mr. Ishaq Dar, Finance Minister of Pakistan, Mr. Khawaja Asif, and Minister for Water & Power also participated in the investment round table.

Dr. Miftah Ismail, MOS / Chairman, BOI welcomed the President of Republic of Turkey and Prime Minister of Pakistan and business circles from Turkey & Pakistan in the investment round table and highlighted that Pakistan is offering a very liberal investment regime in the region with diverse and business friendly incentives.

He informed the participants that under the dynamic leadership of our Prime Minister Muhammad Nawaz Sharif and our Finance Minister Muhammad Ishaq Dar Pakistan’s economic outlook has altogether changed in the last three years, a fact which is now being globally acknowledged.

Dr. Ismail said that due to sound economic policies & reforms our budget deficit has come down from 8.8 percent of GDP when we took over to 4.6% and is expected to decrease to only 3.8% in the current fiscal year. Our inflation is down to less than 3%, out interest rates are the lowest in decades, our currency is stable against international currencies and our forex reserves today have increased to around $24 billion from a low of $7 billion soon after we took over the responsibility of government. So we have achieved macroeconomic stability. And to top it we grew at over 4.7% last year which was the highest in 8 years and we are expected to grow by 5.5% this year. This we understand for a developing country is not enough and hopefully soon we will grow faster as we shift our priority from stability to growth.

The government of Pakistan has also approved Special Economic Zones (SEZ) Act, offering lucrative investment incentives. Under this initiative, we offer exemption from custom duties and taxes for all Plants & Machinery imported into Pakistan as well as an income tax holiday for 10 years. On this occasion he invited the Turkish investors to invest in all sectors of Pakistan specifically in agriculture machinery pharmaceutical, mining, and to further boost the investment & trade relations between the two brotherly countries which are beneficial, for both the friendly countries. Pakistan due to its strategic location, cheap labour and cheap raw material outclass other countries.

Addressing the occasion Mr. Muhammad Nawaz Sharif, Prime Minister of Pakistan said that, it gives me immense pleasure to address this important gathering and welcome you all on the occasion of Pakistan Turkey Business Round Table 2016. I would especially like to welcome my brother Recep Tayyip Erdogan, President of the Republic of Turkey and the members of the Turkish delegation.

The Government is fully cognizant of the challenges posed by the changing international economic environment. We are determined to meet these challenges head on and are doing all that is required. Prime Minister inform the gathering that government have also started importing LNG and we are setting up more LNG import terminals in the private sector including one by our Turkish friends, and we are also laying gas pipelines to convey more natural gas and by July of next year

Pakistan will be in a position to triple the import from the current 3 million tons per annum.

The President of Turkey Mr. Mr. Recep Tayyip Erdogan, address the Pakistan-Turkey Investment Round Table and thanked the government and people of Pakistan for such hospitality. He said that China Pakistan Economic Corridor is a game changer for the region. He urges the Turkish businessmen to invest in CPEC projects of Pakistan. Erdogan said that Pakistan and Turkey were not brotherly countries only in expression but also in reality. He praised the support given by the people of Pakistan to the Turkish nation.

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