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Turkey) which was one of the largest business houses of Turkey and the Fidelity Investment bank of Pakistan to set up a Universal Trading Bank with headquarter at Lahore. It would have approved capital of 500 million rupees of which 100 million rupees would be subscribed by the Turkish side.
In March 1995, both countries signed two accords for the endorsement and safeguard of investment and agricultural cooperation, the first agreement would protect each other’s investment in respective countries, while the second aimed at promoting scientific, technical, and economic cooperation in the agricultural fields (Hasan, 2002).
Economic relations with Turkey came under strain, when Pakistan cancelled the Islamabad-Peshawar Motorway project, which was awarded to a Turkish firm. Compensation to the Turkish firm was discussed between the Turkish Prime Minister Demirel and Pakistani Prime Minister Benazir Bhutto during third ECO summit in Islamabad. (Ahmad, 2000)
In March 1995, a Turkish company won the bid for construction of the Ghazi Brotha Dam. Turk sicmen has won the contract for the supply of $30 million worth of cables to Pakistan Telecommunication Corporation. Another Turkish group of companies must win a $30 million tender of WAPDA. Agro Auto of Pakistan and ECE Mason of Turkey entered into a technical cooperation agreement to manufacture motor bikes in Pakistan.
Ahmet Cavusoglu, chief Ankara Chamber of Commerce, told Dawn newspapers, low volume of trade showed that their governments and businessmen had failed to translate into concrete action the tremendous goodwill that exists among the two people. In 1996, Turan Esen, the leader of the visiting Turkish delegation said in his address to a special meeting of National Highway Authority of Pakistan that Pakistan-Turkish relations were time-tested and required to set an example