Ambassador of Vietnam Nguyen Xuan Luu, on Wednesday said that interaction between his country's private sectors and those in Pakistan could help exploit the real business potential.
In a meeting at the Lahore Chamber of Commerce and Industry, he said a little volume of bilateral trade never truly reflected the good diplomatic and trade relations between the two countries and that hoped the chamber would play its role in boosting the bilateral trade.
"The policy of openness and industrialisation has opened up new opportunities for Vietnam to make full use of its inherent comparative advantages, for instance, vast natural resources and abundant and low-cost workforce," he said. Chamber President Ijaz Mumtaz said that several issues to be tackled on priority basis to promote the bilateral trade and stressed the need to make sector specific efforts as the trade between Pakistan and Vietnam had been dormant for quite a long time.
"Vietnam has never been among the major trading partners of Pakistan. Vietnam's market offers a huge potential for Pakistan's cotton, raw hides and skins, mineral fuels, oils, distillation products, pharmaceutical products, man-made filaments, knit fabrics, plastics and plastic products, fish, dairy products, surgical instruments, sports goods, carpets, rugs and handicrafts," he said. "Pakistan and Vietnam both being agricultural economies can collaborate in agricultural implements and machinery sectors and can share their agricultural experience."
He also said the software industry in Pakistan had set its feet firmly and was able to take full advantage of exporting computer software to Vietnam. "Pakistani Information Technology engineers can play a vital role to help Vietnamese acquire the basic skills in the field of IT. Likewise, Vietnam has a great potential to export rubber and rubber products, particularly tyres and tubes, machinery, electric and electronic equipment and cinnamon. There is a shortage of statistical data about Vietnam in Pakistan," he added.
He also called for a regular liaison for up-to-date information exchange such as market intelligence reports, trade inquiries, identification of projects and sectors where joint ventures can prove mutually beneficial between the two countries and that business delegations 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 can be a focal point for addressing any query about trade from Vietnamese businessmen," he added.
Source: http://www.brecorder.com/
Key words: Interaction, private sector, boost, Pakistan, Vietnam, trade
