ISLAMABAD: Prime Minister Shehbaz Sharif has set a target of expanding the bilateral trade with Turkey from $1.1 billion to $5 billion and urged the business community to tap the potential of historic relations between the two countries.

“There are historic relations between Pakistan and Turkey. Unfortunately, our relationship is not reflected in bilateral trade. Both the countries have to remove all the bottlenecks in order to boost the bilateral trade,” he said while addressing the Turkiye-Pakistan Business Forum in Ankara on Tuesday.

PM Shehbaz Sharif had arrived in Turkey on a three-day visit, with a focus to tap into the economic potential between the two countries as Pakistan aims to steer its economy out of the woods. The premier would hold a one-on-one meeting with Turkish President Recep Tayyip Erdogan during the trip.

Turkish companies have around $1 billion invested in various sectors in Pakistan, according to the Foreign Office.

The premier hailed the host country’s progress in his address, adding that the latter has developed its infrastructure. “Today, Turkey’s exports have reached over $270 billion.”

He also praised Turkey for its support to Pakistan during natural disasters like the 2008 earthquake. “Pakistan and Turkey friendship is everlasting,” he said and “apologised” to some Turkish investors for lack of cooperation while making an apparent reference to the previous government’s performance over the past three years.

“Turkey had provided the Lahore Metro Bus design without any compensation,” PM Shehbaz said and invited the Turkish investors to Pakistan. He assured them of full cooperation achieving the target of $5 billion in bilateral trade. The Turkish companies also presented the plans for investment in Pakistan.