Pakistan-Turkiye Relations: Shehbaz, Erdogan Reaffirm $5 Billion Trade Goal

ISTANBUL: Pakistan-Turkiye Relations entered a stronger phase on Saturday as Prime Minister Shehbaz Sharif and Turkish President Recep Tayyip Erdogan reaffirmed their commitment to expanding trade, investment and strategic cooperation during high-level talks in Istanbul.

Addressing a joint press conference, Prime Minister Shehbaz described Pakistan and Turkiye as “two hearts with one soul”. He said the two countries shared a historic friendship built on mutual trust, common values and unwavering support during difficult times.

The prime minister said both sides held productive discussions on strengthening bilateral trade, investment and industrial cooperation. He added that the two governments reviewed practical measures to unlock the full potential of their economic partnership.

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Furthermore, Shehbaz said the goodwill between the two nations created an ideal opportunity to achieve the shared target of $5 billion in annual bilateral trade.

He also reaffirmed Pakistan’s support for Turkiye on the issue of the Turkish Republic of Northern Cyprus. At the same time, he thanked Ankara for its continued support for the people of Jammu and Kashmir and their right to self-determination.

Moreover, Shehbaz stressed that dialogue, diplomacy and mutual respect remain the only sustainable path to resolving disputes and maintaining international peace.

He thanked Turkiye for supporting Pakistan’s recent peace efforts that led to the Islamabad Memorandum of Understanding. He said the decisions reached in Istanbul would produce stronger trade, greater investment and deeper strategic cooperation.

The prime minister also praised President Erdogan’s leadership. He said Turkiye had achieved remarkable economic, technological and strategic progress over the past two decades. He added that the Pakistan-Turkiye business conference reflected growing confidence in a new chapter of economic cooperation.

President Erdogan also reaffirmed the two countries’ commitment to increasing bilateral trade to $5 billion annually. He said both sides reviewed ways to strengthen trade and investment in line with their longstanding partnership.

In addition, Erdogan said officials were working to establish a special economic zone in Karachi for Turkish businesses. He also confirmed that negotiations were continuing to expand the Pakistan-Turkiye Preferential Trade Agreement.

The Turkish president highlighted growing cooperation in the defence industry. He also expressed interest in expanding partnerships in energy, transportation, critical minerals and information technology.

Erdogan welcomed Pakistan’s mediation efforts between the United States and Iran. He said the Islamabad Memorandum of Understanding helped reduce regional tensions and contributed to restoring stability.

During their bilateral meeting at Vahdettin Palace, the two leaders also reviewed cooperation in energy, petroleum exploration, mining, information technology and investment. They agreed to strengthen collaboration in these sectors and reaffirmed their commitment to the $5 billion trade target.

Later, Prime Minister Shehbaz addressed the Pakistan-Turkiye Business-to-Business Conference. He invited Turkish companies to increase investments in Pakistan’s energy, mining, infrastructure, logistics, information technology, manufacturing, agriculture and privatisation sectors.

He also met senior executives of leading Turkish companies and encouraged greater investment under Pakistan’s investor-friendly policies. The prime minister highlighted the role of the Special Investment Facilitation Council (SIFC) in providing one-window support for strategic investors.

The two leaders also agreed to continue close coordination on regional and international issues. They reaffirmed their support for each other’s core national interests and expressed confidence that Pakistan-Turkiye relations would continue to expand across economic, strategic and diplomatic fields.