KARACHI: In a strategic move to bolster trade and investment, the Employers’ Federation of Pakistan (EFP) and MUSIAD, the Independent Industrialists and Businessmen’s Association of Türkiye, have signed a Memorandum of Understanding (MoU) in Istanbul. This agreement aims to strengthen trade ties and economic collaboration between Pakistan and Türkiye, with a focus on achieving a bilateral trade target of $5 billion, up from the current $1 billion.

According to Employers’ Federation of Pakistan, the MoU was signed in the presence of key representatives from both organizations. Leading the Pakistani delegation was Mehmood Arshad, EFP Board Member and Chairman of the EFP Economic Council, alongside Syed Hasnain Mazhar from the EFP Board of Directors. Representing MUSIAD were Davut Altunbas, Vice President of MUSIAD, Abdullah Bozatli, Chairman of the MUSIAD Trade Office, and Osman Nuri Onugoren. The Consul General of Pakistan in Istanbul, Nauman Aslam, also attended the ceremony.

Mehmood Arshad emphasized the EFP’s commitment to increasing trade between the two nations and outlined a strategic roadmap for achieving the ambitious target. He described the MoU as a step beyond symbolic gestures, stressing the importance of actionable plans and MUSIAD’s role in realizing these objectives. Turkish representatives expressed strong support for the EFP’s initiatives, recognizing the potential for collaboration in sectors such as manufacturing, technology, and trade.

Nauman Aslam highlighted the significance of the MoU in fostering economic ties and praised both organizations for their efforts in promoting sustainable development. Syed Hasnain Mazhar revealed that the EFP plans to send a business delegation to Türkiye following Ramadan, as part of its strategic roadmap.