LAHORE - The Lahore Chamber of Commerce & Industry and Pak Turk Businessmen Association (PTBA) Friday inked a memorandum of understanding (MoU) to pave way for bringing in more Turkish investment, promote joint ventures and further strengthen business-to-business relations.

LCCI President Farooq Iftikhar signed MoU on behalf of the Lahore Chamber of Commerce & Industry while Pak Turk Businessmen Association was represented by its Chairman Sahir Rasheed.

LCCI Senior Vice President Irfan Iqbal Sheikh, Vice President Mian Abuzar Shad, former Presidents Bashir A Baksh, Mian Anjum Nisar, Shahid Hassan Sheikh, Executive Committee Members Mian Zahid Javed and Hasnain Reza Mirza were also present on the occasion.

According to MoU, both the organizations would work jointly for the economic development of the both countries through facilitation to each other’s members.

Both the organizations would also take joint initiatives to synergize the efforts to achieve common objectives and for greater efficiency.

LCCI and PTBA will share vision and expertise with each other in formulation of policies, economic studies, sectoral reports, project-specific reports/information, promotional efforts and identification of prospective investors and traders.

PTBA has also agreed to provide its all facilitation services to the LCCI for promotion of trade and economic activities and will also facilitate LCCI members in Turkey in particular and in the world in general.

PTBA will also make efforts for promotion of trade and investment in Punjab.

Both organizations will also exchange trade related information.

Deputy Secretary General of PTBA Aslam Bhatti and LCCI Secretary General Syed Muhammad Saqlain would be the focal persons on behalf of their respective organisations.

Speaking on the occasion the LCCI President Farooq Iftikhar said that MoU would go a long way in bringing the two sides further close to each other.

He said that Turkish investment in the Metro Bus Project of Lahore has not only provided the masses a state-of-the-art public transport system but was also boosting the economic activities.

He said that Pakistani and Turkish businessmen should initiate joint ventures in all sectors of economy. He said that livestock and dairy sector of Pakistan has the abilities to fulfill the need of Turkish market.

He said that exchange of trade delegations and single country exhibitions on reciprocal basis would also increase volume of mutual trade.