The Employers’ Federation of Pakistan (EFP) and MUSIAD (Independent Industrialists and Businessmen’s Association of Türkiye) have signed a landmark Memorandum of Understanding (MoU), aimed at enhancing trade relations between Pakistan and Türkiye.
This agreement underscores the commitment of both organizations to expand economic cooperation and achieve the ambitious target of $5 billion in bilateral trade. The signing ceremony, held in Istanbul, was attended by key figures from both sides, including Mehmood Arshad, EFP Board Member and Chairman of the EFP Economic Council, who led the Pakistani delegation. Other notable attendees included Syed Hasnain Mazhar, EFP Board Member, along with representatives from MUSIAD, including Vice President Davut Altunbas and Chairman of the Trade Office, Abdullah Bozatli.
Speaking at the event, Mehmood Arshad highlighted the EFP Economic Council’s vision to increase mutual trade from the current $1 billion to $5 billion, underscoring that the MoU is not just symbolic but backed by actionable strategies. He emphasized that the partnership with MUSIAD will be instrumental in achieving these goals, particularly through the implementation of the EFP Strategic Roadmap.
“MUSIAD’s involvement will be key to ensuring the success of the initiatives outlined in the EFP Strategic Roadmap,” Arshad stated. He further emphasized the importance of the MoU being supported by practical steps to ensure tangible benefits for both countries.
MUSIAD representatives expressed their strong support for the initiative, acknowledging the significant potential for growth in sectors like manufacturing, technology, and trade. They assured their commitment to driving forward the economic collaboration between Türkiye and Pakistan.
Nauman Aslam, the Consul General of Pakistan in Istanbul, also praised the MoU and emphasized the importance of fostering stronger economic ties between the two nations for long-term sustainable development. Syed Hasnain Mazhar disclosed that the EFP Economic Council had conducted extensive research in preparing the strategic roadmap, which aims to build upon the already strong foundation of bilateral trade. He further revealed plans for a business delegation from Pakistan to visit Türkiye post-Ramadan to explore new opportunities and strengthen ties.
