Karachi, Deputy Head of Mission from the Embassy of Mongolia Lkhanaajav Munkhtushig expressed eagerness to bolster trade and investment relations with the business community of Karachi through heightened exchange of business delegations between the two countries. Speaking during a meeting at the Karachi Chamber of Commerce and Industry (KCCI), Munkhtushig highlighted the importance of mutual understanding and collaboration to explore new avenues of trade and investment cooperation.
According to Karachi Chamber of Commerce and Industry, Munkhtushig emphasized the need for collective efforts to enhance trade between Pakistan and Mongolia, noting that last year, Pakistan’s trade with Mongolia increased by 62 percent to reach US$4.8 million, a figure he deemed relatively small. He suggested that Pakistan’s business community could potentially increase exports to Mongolia by offering products at competitive rates, thus diversifying trade opportunities between the two nations.
Munkhtushig pointed out that despite Mongolia's small population of 3.5 million, the country experienced robust economic growth of 5.6 percent last year, with further growth estimated at 6.2 percent this year by the World Bank. He underscored Mongolia’s total trade volume of US$24 billion, with significant exports and imports dominated by trade with China.
Highlighting Mongolia’s landlocked status and reliance on Chinese ports for trade, Munkhtushig expressed optimism about the potential benefits of connectivity projects such as the China Pakistan Economic Corridor (CPEC) in improving Mongolia’s access to global markets. He identified textiles, pharmaceuticals, and other sectors as areas of potential collaboration between Pakistan and Mongolia, emphasizing the importance of increased exchanges of trade delegations to achieve tangible results.
Senior Vice President of KCCI Altaf A. Ghaffar expressed full support for enhancing trade and investment ties between Pakistan and Mongolia, highlighting the untapped potential in Pakistan’s mines and mineral sector. Ghaffar emphasized the significance of collaboration between the two countries in various sectors beyond the existing trade volume of US$4.8 million.
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