Islamabad: Turkish and Pakistan ministers decided to increase the coordination in the aviation and airline businesses to decrease the influence of gulf airlines in the region with the state-of-the-art air technologies to heat up healthy competition in the market.
A sequel meeting was held between the Minister of State and Chairman Board of Investment Saleem H. Mandviwalla and Mr. Binali Yildirm Minister of Transport, Maritime Affairs and Communication during the visit of Turkish Prime Minster to Pakistan.
MOS/Chairman BOI apprised the Turkish Minister that BoI is leading a delegation of Pakistani businessmen and will conduct “Road Shows” in various cities of Turkey possibly during Sep-Oct 2012, to attract investment in various sectors particularly its airline.
Turkish Minister briefed the MOS/Chairman BOI that Turkey’s largely free-market economy is increasingly driven by its industry and service sectors, although its traditional agriculture sector still accounts for about 25% of employment.
An aggressive privatization program has reduced state involvement in basic industry, banking, transport, and communication, and an emerging cadre of middle-class entrepreneurs is adding dynamism to the economy and expanding production beyond the traditional textiles and clothing sectors. The automotive, construction, and electronics industries, are rising in importance and have surpassed textiles within Turkey’s export mix.
Global economic conditions and tighter fiscal policy caused GDP to contract in 2009, but Turkey’s well-regulated financial markets and banking system helped the country weather the global financial crisis and GDP rebounded strongly to 8.2% in 2010, as exports returned to normal levels following the recession.
BOI has signed a bilateral investment treaty with Turkey today and BOI has also coordinated the signing of MoU for Solid Waste Management between Govt. of Sindh and Albayrak Group, Turkey.