Trade potential exists between Pakistan, Vietnam

There is a trade potential exists between Pakistan and Vietnam. This was stated by Naguyen Hong Tien, The Commercial Counsellor of Vietnam during his visit to Bin Qasim Association of Trade & Industry (BQATI) with Vietnam Embassy Pakistan's adviser (Trade and Investment) Ghazanfar Ali Khan. The meeting was attended by office bearers, and BQATI managing committee members. The commercial counsellor was welcomed by the BQATI president Hussain Agha, senior vice president Iftikhar Ahmed and chairman law & order committee Naved Shakoor.
While addressing the business community commercial counsellor said his country wanted to develop strong trade and economic relations with Pakistan as both countries have good potential to complement each other in many areas. He invited BQATI delegation to visit Vietnam for exploring new avenues of business prospects in Vietnamese market.
BQATI president Hussain Agha said Pakistan and Vietnam enjoy a cordial relation. Pakistan admires the fast-paced economic growth of Vietnam. Pakistan considers Vietnam as an important state in South East Asia. Both countries have significant potential for enhancing bilateral trade. He Said Pakistan's major exports contribute to pharmaceuticals, grains, oil seeds, woven fabrics petroleum, , paper & paperboard, leather, and cotton yarn. BQATI president was of the view that Vietnam and Pakistan should take part in each other's trade fairs and exhibitions that was the best way to improve bilateral trade relations.
BQATI SVP Iftikhar Ahmed said the imports from Vietnam remain higher as compare to the exports which broadened the deficit. Pakistan's major imports, electrical equipment, organic chemical, iron & steel, fish, coffee, tea, and rubber, etc. He said Pakistan and Vietnam enjoyed friendly relations, but their bilateral trade of around $700 million was far less than the actual potential of both countries that needed to be improved by strong efforts from both sides.
Further he said both the countries have good potential to cooperate with each other in many areas including trade and investment, textiles & garments, energy, infrastructure development, automobiles, industry, agriculture, food processing, chemicals, information technology, pharmaceuticals, gems & jewellery, sports goods, education & health, air & sea connectivity, banking, seafood and fish farming. He stressed that both the countries should give private sectors leading role to exploit all untapped areas of mutual cooperation. He said Vietnam's investors should visit Pakistan to explore JVs and investment in PQA as well as in CPEC projects.
Speaking on the occasion, commercial counsellor said Pakistan could export oranges, mangoes, meat and many other products to Vietnam. He said that Pakistan and Vietnam should make joint efforts to identify impediments in two-way trade and take measures to further promote trade relations.
He said encouraging frequent exchange of business delegations and increasing cooperation among their respective association and trade promotion bodies should be given more focus to improve two-way trade up to the real potential of both countries.
Senior vice president thanked the Vietnam commercial counsellor and adviser (Trade & Investment) Vietnam for visiting BQATI and said association would like to work with Vietnamese Consulate to further improve bilateral trade and economic relations between both countries.-PR