ISLAMABAD (APP): Business community on Wednesday welcomed the state visit of Turkish President Recep Tayyip Erdogan to Pakistan and said that it would open new vistas for trade and investment.

In a statement, they said that it would not only help transforming bilateral relations into economic partnership for the mutual benefit of both countries but also give impetus for restoration of peace and ushering an era of prosperity in the region.

SAARC Chamber of Commerce and Industry Vice Chairman Iftikhar Ali Malik said that Pakistan and Turkey were not only geographically neighbors, but the affinity between both the countries was unique. He said Turkey made exceptional economic progress in the first ten years of Erdogan's rule, adding that Turkey is now the world's 18th largest economy.

He said that the working groups have been established on industry, trade investment, banking and finance under the framework of 'Turkey-Pakistan High Level Strategic Cooperation Council'. He said that international trade was becoming an increasingly important factor in creating jobs, enhancing competitiveness and efficiency of the domestic industry and strengthening development efforts. Malik was of the view that traditional barriers to trade, including tariffs and quantitative restrictions, are being dismantled with a view to promote cross-border trade.

Pakistan Furniture Council (PFC) Chief Executive Mian Kashif Ashfaq said there is a great scope of flourishing furniture trade between Pakistan and Turkey. Business community of the both countries has common objectives and goals and both the sides showed their keen interests to work together to synergise the efforts for greater efficiency," he added.