Pakistan, Turkiye reaffirm ties and target USD 5 billion trade

Islamabad,UPDATED: Jul 5, 2026 13:16 IST

Pakistan Prime Minister Shehbaz Sharif on Saturday reaffirmed his country's support for Turkiye, saying the two nations' success and progress are closely linked. At a joint press conference in Istanbul with Turkish President Recep Tayyip Erdogan, the two leaders agreed to strengthen bilateral ties and reiterated their commitment to raising trade to USD 5 billion.

Erdogan said defence cooperation was the cornerstone of economic relations between the two countries, while Sharif said a business conference had strengthened his belief that economic ties were moving into a new phase. Both leaders also expressed satisfaction over the growing momentum in trade, investment and industrial cooperation.

Sharif said, "Turkiye's success is Pakistan's success, Pakistan's progress is Turkiye's progress." He assured Erdogan of Islamabad's commitment to further strengthening the bilateral partnership. Bilateral trade between the two countries stood at around USD 1.3 billion as of 2024, according to Turkiye's Ministry of Foreign Affairs.

In a post on X on Saturday, Erdogan encouraged investors to step up business activity in Pakistan. "Our cooperation in the defence industry, one of the most important elements of our economic relations, is developing day by day with new projects," he said. He added, "We want to deepen our cooperation with Pakistan in the areas of energy, transportation, critical minerals, and information technologies." Erdogan said the relevant ministries of both countries were working on a planned special economic zone in Karachi, while negotiations were continuing to expand the financial trade agreement.

Erdogan also praised Pakistan's peace efforts in West Asia, saying, "Thanks to the calm achieved with the Islamabad Agreement, the entire world has taken a deep breath." According to the Turkish foreign office, Turkish investment in Pakistan stands at around USD 2 billion, while Turkish contracting companies have carried out 72 projects in Pakistan worth around USD 3.5 billion as of 2024. Sharif had arrived in Istanbul on Friday for a bilateral visit after attending the funeral rites of Iran's slain supreme leader Ayatollah Ali Khamenei in Tehran, with the visit underlining both sides' push to expand trade, investment and wider cooperation.

With PTI Inputs

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