KARACHI: Deputy Head of Mission from the Embassy of Mongolia Lkhanaajav Munkhtushig has expressed keenness to expand trade and investment ties with the business community of Karachi through maximum exchange of business delegations between the two countries so that they could better understand each other and jointly explore new horizons of trade and investment cooperation.
Speaking at a meeting during his visit to the Karachi Chamber of Commerce and Industry (KCCI), he said that last year, Pakistan’s trade with Mongolia increased by 62 percent to reach US$4.8 million which was a very small number that requires collective efforts from both sides, according to a report on Thursday.
“As Mongolia imports mostly from China, Pakistan’s business community can also look into the possibility of enhancing exports to Mongolia by offering products at cheaper rates that’s why, we are here to identify such products which can be offered to Mongolia”, he added.
Honorary Consul General of Mongolia Nadeem Khalid, Senior Vice President Altaf A. Ghaffar, Vice President Tanveer Ahmed Barry and KCCI Managing Committee Members attended the meeting.
Mongolian Envoy pointed out that although Mongolia was a small country with a population of just 3.5 million yet it recorded a strong economic growth of 5.6 percent which, according to World Bank, was estimated to improve further to 6.2 percent this year. “Mongolia’s total trade, last year, stood at US$24 billion, of which US$15 billion represent exports whereas goods worth US$9 billion were imported while China is the largest trading partner of Mongolia.”
He said that as Mongolian was a landlocked country, it uses a Chinese port for its trade. China Pakistan Economic Corridor (CPEC) connectivity with China along with other corridors in the region would certainly improve Mongolia’s connectivity with the rest of the world. “In this scenario, we can offer middle and long-term opportunities to Pakistan which is very strong in textiles, pharmaceuticals and other sectors”, he said, adding that in order to achieve tangible results, it was really important to have more exchanges of trade delegations.
While anticipating instrumental role by the honorary Consul General of Mongolia Nadeem Khalid, Mongolian Envoy said, “We look forward to more engagements between the businesspeople from Pakistan and Mongolia so that potential products for enhancing trade could be identified.”
Earlier, Senior Vice President KCCI Altaf A. Ghaffar, in his remarks, extended full support to Mongolian Envoy for all the efforts being made to improve trade and investment ties between business communities of the two countries. “With availability of Nadeem Khalid as Honorary Consul General of Mongolia, things are going to be much easier for us when it comes to exploring trade and investment with Mongolian counterparts.”
He pointed out that Pakistan also holds potential for Mongolian business community in mines and mineral sector which still remains largely untapped. “Trade volume of just US$4.8 million is not a good number which requires special attention from both sides”, he opined, adding that the two friendly countries can also look into the possibilities of collaborating in other potential sectors.
