KARACHI, Dec 30, 2024 – In a significant step toward enhancing bilateral trade and investment, the Employers’ Federation of Pakistan (EFP) and MUSIAD (Independent Industrialists and Businessmen’s Association of Türkiye) signed a noteworthy Memorandum of Understanding (MoU) in Istanbul. The MoU marks a new chapter in Pakistan-Türkiye bilateral relations and sets the stage for promoting and strengthening trade ties between the two nations, with a special focus on fostering economic collaboration and advancing mutual trade. Both EFP and MUSIAD are committed to advancing this partnership and ensuring the successful implementation of the EFP Strategic Roadmap to achieve the target of $5 billion in bilateral trade.
The signing ceremony was attended by key representatives from both sides, including Mehmood Arshad, EFP Board Member and Chairman of the EFP Economic Council, who led the Pakistani delegation. Syed Hasnain Mazhar, EFP Board Member, represented the EFP Board of Directors. Davut Altunbas, Vice President of MUSIAD, Abdullah Bozatli, Chairman of the MUSIAD Trade Office, and Osman Nuri Onugoren also represented MUSIAD. Nauman Aslam, the Consul General of Pakistan in Istanbul, also graced the occasion.
During the ceremony, Mehmood Arshad highlighted the ambitious vision of the EFP Economic Council to increase mutual trade between Pakistan and Türkiye from its current level of $1 billion to $5 billion in the coming years. He stated, “EFP is committed to taking practical steps through a comprehensive strategic roadmap to enhance trade relations between Pakistan and Türkiye and achieve the projected target. This MoU will be backed by our actions, paving the way for tangible outcomes that will benefit both countries. MUSIAD’s role will be instrumental in helping us achieve this goal, and we look forward to a successful partnership.”
He stressed that “the MoU should not only serve as a symbolic gesture but must be supported by actionable plans to turn this vision into reality.” Mr. Arshad emphasized that MUSIAD’s involvement and commitment would be crucial to the success of the upcoming initiatives outlined in the EFP Strategic Roadmap.
The Turkish hosts warmly welcomed and appreciated the EFP’s efforts, expressing their strong support for the EFP Strategic Roadmap. MUSIAD representatives assured their full backing for the initiatives, highlighting the potential of this collaboration to create new opportunities in sectors such as manufacturing, technology, and trade. They emphasized the importance of stronger economic ties between the two countries, noting that the MoU would not only promote trade but also enhance business exchanges, investment opportunities, and shared economic growth.
Nauman Aslam, the Consul General of Pakistan, expressed his pleasure at the signing of the MoU and reiterated the importance of forging closer economic links between Türkiye and Pakistan. He praised EFP and MUSIAD for their efforts and emphasized the role of such partnerships in achieving sustainable economic development. He also underscored the importance of this strategic partnership in fostering greater bilateral trade and economic cooperation.
Syed Hasnain Mazhar shared that the Roadmap Strategy is a pragmatic, positive, and progressive document, prepared by the EFP Economic Council after extensive research, studies, and consultations with stakeholders. He also disclosed that the EFP Board has approved the formation of a business delegation to visit Türkiye after Ramadan.
