Karachi, May 2, 2024 – Mongolian Deputy Head of Mission , Lkhanaajav Munkhtushig, emphasized the need for increased exchanges of business delegations between Mongolia and Pakistan to strengthen trade relations.
During a meeting at the Karachi Chamber of Commerce & Industry (KCCI), Munkhtushig highlighted the potential for growth in bilateral trade and investment opportunities.
Despite a 62 percent increase in trade between the two countries last year, totaling US$4.8 million, the Mongolian envoy remarked that this figure was relatively modest. He expressed the desire for collective efforts to enhance these numbers significantly. “Mongolia, primarily importing from China, sees potential in the Pakistani market, especially if competitive pricing can be achieved. This is a prime opportunity for the Pakistani business community to explore,” Munkhtushig stated.
The meeting was attended by notable figures including Honorary Consul General of Mongolia, Nadeem Khalid, Senior Vice President of KCCI, Altaf A. Ghaffar, Vice President Tanveer Ahmed Barry, and other managing committee members. They discussed the current economic landscape and the significant role that enhanced trade relations could play in mutual growth.
Mongolia, despite its small population of 3.5 million, showcased robust economic growth of 5.6 percent last year, with projections from the World Bank estimating an increase to 6.2 percent this year. The country’s total trade volume was an impressive US$24 billion, with exports accounting for US$15 billion and imports about US$9 billion, indicating strong international trade activity, predominantly with China, its largest trading partner.
Munkhtushig also touched upon Mongolia’s geographical challenge as a landlocked country, utilizing Chinese ports to facilitate its international trade. He proposed that the China Pakistan Economic Corridor (CPEC) could serve as a vital connectivity point to further enhance Mongolia’s access to international markets, including Pakistan. “Pakistan’s strengths in textiles, pharmaceuticals, and other sectors could meet our needs, and using corridors like CPEC, we can create beneficial partnerships,” he explained.
The envoy stressed the importance of regular interactions and exchange programs between business communities to identify key areas for trade enhancement. “Engaging more actively with Pakistani businesspeople will help us uncover potential products that could be beneficial for trade expansion,” he said.
Responding to the envoy’s remarks, Altaf A. Ghaffar from KCCI affirmed their full support for the initiatives discussed. He expressed optimism about the role of Nadeem Khalid as Honorary Consul General in facilitating smoother interactions and exploring new opportunities with Mongolia.
Ghaffar also pointed out the untapped potential in the mines and minerals sector in Pakistan, which could be of significant interest to the Mongolian business community. He concluded, “A trade volume of just US$4.8 million is indeed modest, and we need to focus on this area diligently. Both countries have much to explore in terms of collaboration across various sectors.”
The meeting ended with a mutual agreement to prioritize the exchange of business delegations, which is seen as crucial to understanding market needs and forging long-term partnerships aimed at boosting the economic ties between Mongolia and Pakistan.
