Turkey-Pakistan Economic and Trade Relations

Economy of Pakistan (2016)

GDP (billion $)

269

Inflation Rate (%)

8.6

Real GDP Growth Rate

4.5

Unemployment Rate (%)

6

Population (million)

185.1

Exports (billion $)

23

Popoulation Growth Rate (%)

Imports (billion $)

43

GDP Per Capita (USD)

1513

Turkish Firms in the Country

100~

References: Turkish Embassy in Islamabad, Ministry Of Economy, EIU, World Bank

Main Trade Partners: USA, UAE, PRC and Afghanistan

Main Export Items: Cotton, textile products, grains

Main Import Items: Mineral fueals, machines, electronic devices

Bilateral Economic and Commercial Relations

Bilateral Trade (million USD)

2010

2011

2012

2013

2014

2015

2016

Export

248

214

276

286

259

289.1

347

Import

750

873

555

436

436

310.5

263

Volume

998

1.087

831

722

695

599.6

610

Balance

-502

-659

-279

-150

-177

-21.4

84








References: TÜİK

Main Export Items of Turkey: Communication tools, cameras, radars, machines, various goods

Main Import Items of Turkey: Textile fiber, plastic, cotton, poliester, clothings

The 15th meeting of Joint Economic Commission (JEC) between Turkey and Pakistan was held on 15-16 October, 2014 in Ankara.

Companies: There are more than 100 firms operating in Pakistan. Turkish investments are mainly focused on energy, finance, infrastructure projects and contracting sectors. Construction is the leading sector for Turkish investors in Pakistan. So far, the total amount of projects completed or undertaken by Turkish contractors ( 45 projects) have exceeded 2.7 billion USD in Pakistan.

As of June of 2016, there are 158 Pakistani companies in Turkey. They are mainly focused on electronics, telecommunications, machines, trade and banking.

Tourism: Although the number of Pakistani tourists visiting Turkey have increased during the past few years, the number is still below the desirable level. In 2014, 29.352, in 2015, 59.700 and in 2016, 52,000 Pakistani citizens visited Turkey.

Development Assistance: Turkey has been providing development aid to Pakistan since 2004. The total amount of “Official Development Aid” allocated to Pakistan between 2004 and 2013 reached 724.48 million USD. Turkish Cooperation and Coordination Agency has been operative in Pakistan since 2010 in order to administer civilian development aid.

FTA: Turkey and Pakistan are working to conclude the process of the Free Trade Agreement (FTA). The last FTA negotiations were held in Islamabad on 29-31 August 2016.