KARACHI: Deputy Head of Mission of Mongolia, Lkhanaajav Munkhtushig, underscored the significance of expediting efforts aimed at fostering stronger economic cooperation between Pakistan and Mongolia.
The Mongolian envoy, speaking at a meeting during his visit to the Korangi Association of Trade Industry (KATI), highlighted that the volume of bilateral trade between both countries was very low and urgent steps were needed to revitalize bilateral trade relations, said a statement issued here on Friday.
He informed that Mongolia’s economic growth rate was impressive and World Bank estimates suggested it may surge from 5.6% to 6.2%. 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, he added.
Drawing attention to Mongolia’s burgeoning trade ties with China, Munkhtushig urged Pakistan to leverage the China-Pakistan Economic Corridor
(CPEC) to bolster economic linkages with Mongolia.
He invited Pakistani investors to explore opportunities for investment and bilateral trade in Mongolia, reassuring full government support and facilities, particularly in the cotton industry.
President KATI Johar Qandhari echoed the sentiment and emphasized the need for reciprocal trade visits and trade promotion through local currencies he also proposed organizing single-country exhibitions to facilitate bilateral trade.
Deputy Patron-in-Chief KATI Zubair Chhaya highlighted the importance of strengthening bilateral ties and simplifying visa procedures to facilitate trade exchanges and emphasized 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.
Prominent figures including former chairman KATI Gulzar Firoze, Senior Vice President Nighat Awan, Honorary Consul General of
Mongolia Nadeem Khalid, First Secretary Trade Temulain Dashtisrin and others were also present at the occasion.