ISTANBUL: Turkey plans to modernise F-16 jets of the Pakistan Air Foce, an initiative that will cost Islamabad $75 million, said a senior official of the Turkey-Asia Pacific Councils of Foreign Economic Relations Board (DEIK) here on Saturday.
Both countries have struck a deal in an aviation project under which Istanbul will modernise Pakistan’s air fighter planes and some of them have already been flown to Turkey, Volkan Yuzer said while giving briefing to a group of visiting journalists, hailing from Asia-Pacific countries.
He said Turkey was manufacturing engines of the F-16 jets, besides making some of their spare-parts as well. Questioned on the great business opportunities in Pakistan, he said, at least 100 Turkish companies were already doing successful business in Pakistan. These companies have invested $2.7 billion on various projects in Pakistan until 2014.
More Turkish investment, he said, was expected in energy, infrastructure and beverages projects. He disclosed that Turkish Coca Cola Company was expected to bring in $250 million investment in Pakistan in next three years. Fielding another question, he said, there was a great potential for investment in Pakistan’s dairy industry as it was one of leading milk producing countries in the world. Fontera Company which was a big name in this industry, he said, was interested to make investment in the dairy industry.
Replying to a question on signing of the Free Trade Agreement by September this year, Yuzer said both sides were working out details of the agreement. When asked how it would impact trade between the two countries which now hovered around $600 million, he said, it was expected to increase to $1 billion besides seeing a surge in Turkish investment in Pakistan.
The official said a business delegation, comprising entrepreneurs of many Turkish companies, was expected to visit Pakistan either in August or September this year. During their visit to Karachi and Lahore, Turkish businessmen would meet their Pakistani counterparts to explore possibilities of bilateral cooperation between Pakistan and Turkey
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