Mongolian Envoy For Boosting Bilateral Economic Ties
Deputy Head of Mission of Mongolia, Lkhanaajav Munkhtushig, underscored the significance of expediting efforts aimed at fostering stronger economic cooperation between Pakistan and Mongolia
Lkhanaajav Munkhtushig, the Deputy Head of Mission of Mongolia, emphasized the importance of accelerating efforts to strengthen economic cooperation between Pakistan and Mongolia during a meeting at the Korangi Association of Trade Industry (KATI).
Highlighting the low volume of bilateral trade between the two countries, Munkhtushig stressed the urgent need to rejuvenate bilateral trade relations. He shared that Mongolia’s economic growth rate was impressive, with estimates from the World Bank indicating a potential surge from 5.6% to 6.2%. Despite being relatively small in terms of both size and population, Mongolia has experienced rapid economic development, boasting a total trade worth of $24 billion, with exports valued at $15 billion and imports at $9 billion.
Munkhtushig pointed out Mongolia’s growing trade ties with China and encouraged Pakistan to leverage the China-Pakistan Economic Corridor (CPEC) to enhance economic linkages with Mongolia. He extended an invitation to Pakistani investors to explore investment opportunities and bilateral trade in Mongolia, assuring full government support and facilities, particularly in the cotton industry.
President of KATI, Johar Qandhari, echoed these sentiments and emphasized the importance of reciprocal trade visits and promoting trade through local currencies. He also proposed organizing single-country exhibitions to facilitate bilateral trade.
Deputy Patron-in-Chief of KATI, Zubair Chhaya, stressed the significance of strengthening bilateral ties and simplifying visa procedures to facilitate trade exchanges. He highlighted the importance of raising awareness about trade opportunities in both countries.
Vice President Muslim Mohammadi emphasized the need to establish banking channels and operate direct flights between Pakistan and Mongolia to facilitate smoother trade transactions.
The occasion was attended by prominent figures including former chairman of KATI, Gulzar Firoze, Senior Vice President Nighat Awan, Honorary Consul General of Mongolia Nadeem Khalid, First Secretary Trade Temulain Dashtisrin, and others.
