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Turkey plans more investment in Pakistan's textile sector
17
Jul '13
Turkey is planning to invest about US$ 1 billion in Pakistan’s textile, communication and automotive sectors over the next three years, Turgat Bayan, founder of Pak-Turk Business Council, has said.
 
During a meeting with Pakistan’s Board of Investment (BoI) chairman Muhammad Zubair, Mr. Bayan stated that at present Turkey’s foreign direct investment (FDI) in Pakistan is US$ 370 million, and the country plans to invest US$ 1 billion in Pakistan’s textile, communication and automotive sectors during the next three years.
 
For the current fiscal year, Pakistan’s Government has set a target of attracting US$ 2 billion in investment, which is more than double the amount of investment that came in the last fiscal year.
 
Mr. Zubair, who has been recently appointed as BoI chairman, said Pakistan needs to attract financial inflows to build up its decreasing foreign exchange reserves.
 
Earlier, Mr. Zubair briefed BoI officers about the new Government’s initiatives to address energy crisis and attract greater investment in the country.
 
BoI is currently trying to resume the stalled negotiations between Pakistan and the US for a Bilateral Investment Treaty (BIT), which has been pending for more than eight years.
 
Last year, talks between the US and Pakistan Governments came to a halt after Pakistan expressed concerns over US investments in some sensitive sectors.
 

Fibre2fashion News Desk - India


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