KARACHI: In a recent gathering at the Korangi Association of Trade Industry (KATI), Lkhanaajav Munkhtushig, Deputy Head of Mission of Mongolia, shed light on the concerning trade volume of a mere $4.8 million between Pakistan and Mongolia. He stressed the urgent need to invigorate bilateral trade relations between the two nations, signaling a call to action for stronger economic collaboration.
The Urgent Call for Enhanced Trade Cooperation
Munkhtushig’s remarks highlighted the imperative to intensify efforts aimed at fostering stronger economic ties between Pakistan and Mongolia. This call comes amidst a backdrop of underwhelming trade figures that fail to reflect the true potential of the relationship between the two countries.
Unveiling Mongolia’s Economic Growth
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 its modest 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.
Leveraging Economic Opportunities through CPEC
Advocating for greater economic linkages between Pakistan and Mongolia, Munkhtushig urged Pakistan to capitalize on the China-Pakistan Economic Corridor (CPEC). He extended a warm invitation to Pakistani investors, encouraging them to explore investment opportunities and bilateral trade in Mongolia, particularly in the cotton industry, assuring full government support and facilities.
Initiatives for Trade Promotion
In response to Munkhtushig’s call to action, KATI President Johar Qandhari emphasized the importance of reciprocal trade visits and advocated for trade promotion through local currencies. Qandhari proposed the organization of single-country exhibitions to facilitate bilateral trade, commending the efforts of Mongolian Honorary Consul General Nadeem Khalid in enhancing trade activities between the two countries.
Simplifying Trade Procedures
Deputy Patron-in-Chief Zubair Chhaya stressed the significance of strengthening bilateral ties and simplifying visa procedures to facilitate smoother trade exchanges. He highlighted the necessity of raising awareness about trade opportunities in both countries, emphasizing the need for proactive measures to overcome existing barriers.
Infrastructure and Connectivity
Vice President Muslim Mohammadi underscored the need to open banking channels and operate direct flights between Pakistan and Mongolia to facilitate seamless trade transactions, emphasizing the role of infrastructure and connectivity in bolstering trade relations.
Conclusion
The gathering at KATI served as a platform to address the pressing need for revitalizing bilateral trade relations between Pakistan and Mongolia. With a shared commitment to fostering economic cooperation, both nations stand poised to unlock new opportunities and realize their mutual economic potential.