Top Story

  Editorial

  Metro

  Kashmir

  Business

  Sports

  Scoop

  Societal

  Health

    Cartoon

ZURICH (Switzerland): Pakistan and Turkey have agreed to set up a joint investment company to institutionalize commercial and economic ties between the two countries.

Pakistan's Finance Minister Shaukat Aziz told reporters that the agreement to set up the company followed after a meeting between President Pervez Musharraf and Turkish leadership. Both the countries, he said, expressed desire to translate their excellent political ties into effective economic cooperation.

Shaukat Aziz said the investment company will have an initial equity of $ 25 million to be shared by the two countries. Turkey is to decide the amount to be shared by its public and the private sector while from the Pakistan side the entire investment would be from the public sector.

The company will have a very big impact as it will provide an institutional mechanism to the economic and trade relationship between the two countries. He said the company which will have its offices in Karachi and Istanbul, will identify projects in both the countries for investment and trade.

The finance minister said that the Turkish investors have shown keen desire to join the Mangla Dam raising project and other projects in the construction field. He said that Pakistan is spending two billion dollars on various projects to improve infrastructure. Pakistan, he said, has invited the Turkish contractors to take benefit of the investment opportunities in these projects.

Shaukat said that Pakistan has also proposed Iran to form a joint investment company to promote commercial ties between the two countries.