Pakistan and Turkmenistan have agreed to enhance bilateral investment in key sectors such as energy, connectivity, and information technology (IT). This agreement comes alongside efforts to finalize a transit trade agreement and implement a liberal visa regime to facilitate greater business interactions.
Deputy Prime Minister Ishaq Dar, during a press conference, announced the bilateral commitments made with Turkmenistan’s Foreign Minister Rasit Meredow, who is visiting Islamabad with a delegation for a three-day tour. The two leaders engaged in extensive discussions, focusing on regional and global developments and co-chaired the third round of bilateral political consultations.
Recent engagements between Pakistan and Central Asian states, including Uzbekistan and Azerbaijan, underscore a growing interest in regional cooperation. For Central Asian countries, landlocked but resource-rich, Pakistan offers vital access to markets in China, India, and West Asia. Concurrently, Pakistan seeks to stabilize its $350 billion economy by strengthening trade and investment ties amid severe economic challenges, including a balance of payment crisis, inflation, and rising external debt.
“We have agreed to intensify our joint efforts to further expand and deepen bilateral investment, especially in energy, connectivity, and information technology,” Dar stated at the joint news conference. He emphasized the importance of trade diversification, early finalization of the transit trade agreement, and instituting a liberal visa policy to facilitate greater business interaction between the two nations.
Both countries are committed to enhancing the volume of bilateral trade, currently standing at $8.41 million, with Pakistan exporting $2.234 million and importing $6.17 million from Turkmenistan. Dar extended an invitation to Turkmen companies to benefit from Pakistan’s Special Investment Facilitation Council (SIFC) and the regional connectivity opportunities offered by the ports of Gwadar and Karachi.
Established last year, the SIFC aims to attract foreign investment to overcome prolonged economic challenges. Pakistan has also invited Central Asian states to join the China-Pakistan Economic Corridor (CPEC), which involves around $65 billion in energy, infrastructure, and other projects funded by Beijing. The CPEC offers strategic opportunities for Central Asian states to access regional and global markets more efficiently.
Dar highlighted the significance of the Turkmenistan-Afghanistan-Pakistan-India (TAPI) gas pipeline and electricity transmission line projects. “These projects offer enormous opportunities for our region and our two countries,” he said. The TAPI pipeline, intended to transport nearly 33 billion cubic meters of natural gas annually, stretches about 1,800 kilometers from the Galkynysh gas field in Turkmenistan to Fazilka in India. Progress on the project has been delayed due to pricing and delivery point disputes.
Meredow echoed Dar’s sentiments, emphasizing joint efforts to implement these mega projects, which are central to Turkmen-Pakistani trade and economic cooperation. “Our discussions reaffirmed our shared commitment and unwavering resolve to collaborate on the practical implementation of these initiatives,” Meredow said. Transport was also identified as a critical area for enhanced cooperation.
The two leaders agreed on the need to develop modern infrastructure along east-west and north-south corridors, leveraging the transit potential of both nations. “We agreed to maintain an active dialogue on creating international transport rules that capitalize on the transit potential of both Turkmenistan and Pakistan,” Meredow added.
In addition to economic cooperation, discussions also covered fostering closer ties in science, education, and culture. “Our collaboration with Pakistan is firmly set on a future-oriented cause with steady growth envisioned across all dimensions,” Meredow concluded.
The agreements between Pakistan and Turkmenistan mark a significant step toward bolstering bilateral relations, enhancing trade, and addressing mutual economic and strategic interests in the region.
