LAHORE: The Ambassador of Vietnam Nguyen Xuan Luu has said that interaction between the private sectors of Vietnam and Pakistan would help exploit the real potential between the two countries.
He was addressing at a meeting here at the Lahore Chamber of Commerce & Industry. The LCCI President Ijaz A. Mumtaz presented the address of welcome while Senior Vice President Mian Nauman Kabir and Vice President Syed Mahmood Ghaznavi also spoke on the occasion.
Ijaz A. Mumtaz threw light on a number of issues to be tackled on priority basis for the promotion of bilateral trade.
The Vietnamese Ambassador said that a little volume of bilateral trade does not truly reflect the good diplomatic and trade relations between the two countries.
He hoped that the Lahore Chamber of Commerce & Industry would play its due role in giving boost to the Pak-Vietnam trade.
The Ambassador said that the policy of openness and industrialization has opened up new opportunities for Vietnam to make full use of its inherent comparative advantages, i.e. vast natural resources and abundant and low-cost workforce.
Speaking on the occasion, the LCCI President Ijaz A. Mumtaz said that there is a need to make sector specific efforts as the trade between Pakistan and Vietnam is dormant for quite a long time. Vietnam has never been among the major trading partners of Pakistan.
He said that Vietnam’s market offers a huge potential for Pakistan’s cotton, raw hides & skins, mineral fuels, oils, distillation products, pharmaceutical products, man-made filaments, knit fabrics, plastics & plastic products, fish, dairy products, surgical instruments, sports goods, carpets, rugs and handicrafts.
Ijaz A. Mumtaz said that Pakistan and Vietnam both being agricultural economies can collaborate in agricultural implements and machinery sectors and can share their agricultural experience.
He said that Software industry in Pakistan has set its feet firmly and is able to take the full advantage of exporting computer software to Vietnam. Pakistani IT engineers can play vital role to help Vietnamese acquire the basic skills in the field of IT.
Likewise Vietnam has a great potential to export rubber & rubber products, particularly tyres & tubes, machinery, electric & electronic equipment and cinnamon.
The LCCI President said that there is a shortage of statistical data about Vietnam in Pakistan and called for a regular liaison for up-to-date information exchange between the two countries like market intelligence reports, trade inquiries, identification of projects and sectors where joint ventures can prove mutually beneficial between the two countries.
He said that business delegations composed of sector-specific participants or product-specific groups of businessmen should visit each other’s countries regularly. Business Chambers and diplomatic missions can always join hands to yield tangible results. Lahore Chamber of Commerce & Industry can be a focal point for addressing any query about trade from Vietnamese businessmen.
He said that both the countries should hold fairs & exhibitions of their products in each other’s country. Fairs and Exhibitions play an important role to introduce and explore new markets of exportable products in the world. The distinct advantage of exhibitions makes it possible to achieve results more quickly than other export promotion techniques
He said that Pakistan had signed Free Trade Agreement with Sri Lanka and is negotiating such Agreements with a number of other countries. A Free Trade Agreement with Vietnam can also be signed that would give a notable boost to the trade between the two countries.
