Mongolian envoy boosts trade ties with Karachi businesses

The Deputy Head of Mission from the Embassy of Mongolia, Lkhanaajav Munkhtushig, has expressed a strong interest in enhancing trade and investment ties with Karachi's business community. During a meeting at the Karachi Chamber of Commerce & Industry (KCCI), he highlighted the need for increased exchange of business delegations between Mongolia and Pakistan to foster better understanding and explore new opportunities for cooperation.

Munkhtushig noted that despite a 62 percent increase in trade between Pakistan and Mongolia last year, reaching US$4.8 million, there is still significant room for growth. He encouraged Pakistani businesses to consider exporting products to Mongolia at competitive rates, especially since Mongolia primarily imports from China.

With Mongolia's population of 3.5 million experiencing strong economic growth of 5.6 percent, the country's total trade volume reached US$24 billion last year. China stands as Mongolia's largest trading partner, facilitating its trade through a Chinese port due to its landlocked status. The envoy highlighted the potential for Pakistan, particularly in sectors like textiles and pharmaceuticals, and emphasized the importance of increased trade delegations to achieve tangible results.

Senior Vice President of KCCI, Altaf A. Ghaffar, expressed full support for strengthening trade and investment ties with Mongolia. He highlighted the untapped potential in Pakistan's mines & mineral sector and stressed the need for closer collaboration between the two countries to boost the current trade volume.

In conclusion, the meeting between Mongolian and Pakistani officials signals a mutual commitment to exploring new avenues for trade and investment cooperation. With concerted efforts and increased exchanges of trade delegations, both countries aim to unlock the full potential of their economic partnership.