Need stressed to boost bilateral trade ties with Mongolia

KARACHI: Highlighting the alarmingly low trade volume of merely $4.8 million between Pakistan and Mongolia, Lkhanaajav Munkhtushig, Deputy Head of Mission of Mongolia, stressed the urgent need to revitalise bilateral trade relations.

Speaking at a meeting of Korangi Association of Trade Industry (KATI), Munkhtushig emphasised the imperative to ramp up efforts aimed at fostering stronger economic cooperation between the two nations.

Munkhtushig underscored Mongolia's impressive economic growth rate, projected at 5.6% and expected to surge to 6.2% according to World Bank estimates.

Despite being a relatively small country in terms of both size and population, Mongolia boasts rapid economic development, with a total trade worth of $24 billion, comprising exports valued at $15 billion and imports at $9 billion.

Drawing attention to Mongolia's burgeoning trade ties with China, Munkhtushig advocated for Pakistan to leverage the China-Pakistan Economic Corridor (CPEC) to bolster economic linkages with Mongolia.

He extended invitation to Pakistani investors to explore opportunities for investment and bilateral trade in Mongolia, reassuring full government support and facilities, particularly in the cotton industry.

In response, KATI President Johar Qandhari echoed the sentiment, emphasising the need for reciprocal trade visits and advocating for trade promotion through local currencies. He proposed holding single-country exhibitions to facilitate bilateral trade and commended the efforts of Mongolian Honorary Consul General Nadeem Khalid in enhancing trade activities between the two countries.

Deputy Patron-in-Chief Zubair Chhaya highlighted the importance of strengthening bilateral ties and simplifying visa procedures to facilitate trade exchanges.

He emphasized the necessity of raising awareness about trade opportunities in both countries.

Vice President Muslim Mohammadi stressed the need to open banking channels and operate direct flights between Pakistan and Mongolia to facilitate smoother trade transactions.

Former Chairman Gulzar Firoze and others also spoke on the occasion.

The event, attended by including KATI President Johar Qandhari, Deputy Patron-in-Chief Zubair Chhaya, Senior Vice President Nighat Awan, Vice President Muslim Mohammadi, Honorary Consul General of Mongolia Nadeem Khalid, First Secretary Trade Temulain Dashtisrin, and former Chairman Gulzar Firoze, underscored the untapped potential for enhanced trade collaboration.

Copyright Business Recorder, 2024