An important step has been taken to increase supply and market diversification in the Turkish stainless steel industry. Turkey’s Stainless Industrialists and Business Association (PASİD) has announced that it has signed a memorandum of understanding with Bahru Stainless, one of Malaysia’s leading stainless steel producers. The agreement aims to establish a non-exclusive and non-binding framework for cooperation and market development in the Turkish stainless steel industry, positioning Malaysia as an alternative supplier, particularly for stainless steel raw materials.
Under the memorandum, which does not create any obligation for purchase, sale, delivery, or supply, PASİD will provide facilitating and supportive services to Bahru Stainless in Turkey, including the promotion of stainless steel products, market access, and support in supply processes.
Highlighting the importance of the agreement for the industry, Arslan Küçükemre, PASİD chairman, stated that Bahru Stainless has become an alternative producer for the industry, enabling Turkish companies to source the products they need from a different supply channel.
Contribution to Turkey-Malaysia trade relations
In addition to this agreement, which was signed during the official visit of the Malaysian prime minister to Turkey on January 6-8, several memoranda aimed at enhancing technology transfer and trade between the two countries were also concluded. The target of increasing the bilateral trade volume from $5 billion to $10 billion between Turkey and Malaysia was also formally confirmed.