Achi news desk-
KARACHI: Deputy Head of Mission of the Embassy of Mongolia Lkhanaajav Munkhtushig has expressed enthusiasm to expand trade and investment ties with the business community of Karachi through the exchange of maximum business delegations between the two countries so that they can better understand each other and jointly explore new horizons of trade and investment cooperation.
Addressing a meeting during his visit to Karachi Chamber of Commerce and Industry (KCCI), he said that last year, Pakistan’s trade with Mongolia increased by 62% to $4.8 million, which is a very small number that requires collective efforts of both. the parties. “Since Mongolia mainly imports from China, Pakistan’s business community can also explore the possibility of increasing exports to Mongolia by offering products at cheaper rates and therefore, we are here to identify such products that can be offered to Mongolia,” he added.
Honorary Consul General of Mongolia Nadeem Khalid, Senior Vice President Altaf A. Jafar, Vice President Tanveer Ahmed Bari and KCCI Executive Committee members attended the meeting.
The Mongolian envoy noted that although Mongolia was a small country with a population of only 3.5 million, it recorded strong economic growth of 5.6 percent, which the World Bank estimates will further improve to 6.2 percent this year. “Mongolia’s total trade, last year, was 24 billion dollars, of which 15 billion dollars represented exports while 9 billion dollars worth of goods were imported while China is Mongolia’s largest trading partner.”
He said that because Mongolia was a landlocked country, it used a Chinese port for its trade. The China Pakistan Economic Corridor (CPEC) connectivity with China along with other corridors in the region will certainly improve Mongolia’s connectivity with the rest of the world. “In this scenario, we can offer medium and long-term opportunities to Pakistan which is very strong in textiles, pharmaceuticals and other sectors,” he said, adding that to achieve tangible results, it was really important to have more exchanges of trade delegations.
Anticipating the instrumental role of Honorary Consul General of Mongolia Nadeem Khalid, the Mongolian envoy said: “We look forward to further engagements between the businessmen of Pakistan and Mongolia so that potential products can be identified to improve trade.”
Earlier, KCCI Senior Vice President Altaf A. Ghaffar, in his words, extended full support to the Mongolian envoy in all efforts made to improve trade and investment ties between business communities of the two countries. “With the 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 noted that Pakistan also has potential for the Mongolian business community in the field of mines and minerals, which still remains largely untapped. “A trade volume of only $4.8 million is not a good number that requires special attention from both sides,” he said, adding that the two friendly countries could also explore the possibilities of cooperation in other potential sectors.
