Prime Minister Shehbaz Sharif has stressed the need for cutting the bureaucratic red tape to boost the Pakistan and Turkiye trade potential.

“We need to cut this rade tape with a sharp scissor. We need to simplify our business regulations to promote investment and you assured that it is secured under all circumstances,” he said while addressing the Pakistan-Türkiye business council summit on Saturday.

This is Shehbaz’s second visit after assuming the office of prime minister over the last six months. On this trip, where he alongside Turkish President Recep Tayyip Erdogan inaugurated the MILGEM corvette ship on Friday, PM Shehbaz also pitched Pakistan to the friendly country and called for increasing the bilateral trade from $1.1 billion to $5 billion.

“I know that certain Turkish companies have been wronged not by design but I think sometimes red tape comes in the way, lethargy, lack of understanding of the bigger picture, and sometimes bureaucracy creates a hurdle. I think it’s not new to us. I think the entire world is aware of it,” PM Shehbaz said.

What Shehbaz plans and wants?

Pakistan’s “Robin Hood” PM shared his plans for improving trade ties which are as follows:

• Governments come and go but investments should never be disturbed
• The system will never, rather keep on improving to meet the requirements of the day
• The issue of payments is not acceptable to the government
• Will not accept such snags/impediments
• Efforts should be made to double the trade volume in the next three years

In his address, the premier condemned the terrorist attack in Istanbul.

“Pakistan condemns the recent terrorist attack in Turkiye. Terrorism has no religion. As victims of terrorism, we understand your pain. We will always stand by Turkiye just as Turkiye has always stood by Pakistan,” he said.

‘My investor is my master’

The government has decided that it wanted to cut down the most expensive imports of oil and petroleum products, which he described as “iron resolve”.

“We had to spend $27 billion to finance our import of petroleum products. We simply cannot afford it,” he said and mentioned the investors’ conference in Islamabad.

The coalition government has planned to start 10,000MW of solar investments in Pakistan, saying that they have “intention” to do it in “letter and spirit”. For this, Shehbaz vowed to give a conducive environment to investors.

“Past is past and we are walking into the future and we are learning from lessons of the past and we will move forward with this commitment that my investor is my master and that’s what I believe in not from today but from ages and that what we are going to implement in times to come,” he said and advised investors to be ready with their coffers open.

He added that a conference would be held for Turkish investors in Pakistan in which they would show their plan and assure speedy payments. “Within 60 days all Turkish investors and of course all international investors will be paid without recourse to any third party.”

He vowed that it would be transparent and speedy, describing it as a new order in Pakistan. He was of the view that it would save Pakistan from importing crude and petroleum products.

“We need to have a transparent bidding process and I assure you this.”

“So please trust me, trust my words and come to Pakistan and we will be great partners,” PM Shehbaz said.