Turkey, Pakistan to develop energy cooperation

By Kamila Aliyeva

Turkey has ratified the agreement on energy cooperation with Pakistan, says a message posted on the website of Turkey’s Resmi Gazete (Official newspaper).

The agreement between Turkey and Pakistan was signed in Ankara on September 13, 2013.

Under the document, the two countries plan to jointly produce iron ore, as well as build thermal power plants.

Earlier, Pakistan's largest province Punjab and a leading Turkish energy company inked an agreement for the construction of a 200-megawatt solar power plant and another 100-megawatt power plant in Bahawalpur.

Pakistan and Turkey established diplomatic relations in 1947 and are strategic partners. Both countries are part of the Group of Eight Developing Islamic Countries (D-8).

Expansion of cooperation with Pakistan will open access for Turkish companies to the Chinese market and the CPEC project – the China-Pakistan Economic Corridor.

The CPEC is a multi-billion-dollar project including a network of rail, roads, and gas pipelines to connect China to Pakistan's southwestern deep-sea Gawadar port to provide the shortest route for Chinese goods to reach the Middle East, Africa, and Central Asia.

Data of the Turkish Statistical Institution shows that the total trade volume between Turkey and Pakistan increased to $7.75 billion in the last decade, marking a 218 percent hike compared to$2.43 billion in the period of 1997-2006.

Last year, Turkey exported $347 million to Pakistan while the total value of exports to Pakistan was $2.39 billion between 2007 and 2016.

In 2016, Turkey imported $263 million from Pakistan while the country's total imports from Pakistan were recorded as $5.36 billion in the period of 2007-2016.