KARACHI: The Federation of Pakistan Chambers of Commerce and Industry (FPCCI) has underlined the need to activate Pakistan Mission in Vietnam for marketing the investment project and creation of display centre in Pakistan embassy, a statement said on Thursday.
FPCCI President Daroo Khan Achakzai released a report on “Economic relations between Pakistan and Vietnam”, which was prepared by the Research and Policy Division of the FPCCI.
The FPCCI president said Vietnam is one of the lucrative and unexplored market for Pakistan. There are huge potential available for enhancement of bilateral trade and economic relations, as Vietnam is an emerging economy with significant market size, ie, GDP of $220.4 billion and per capita income at $2,353.4.
The report indicated that the current bilateral trade volume is very low worth $633 million and Pakistan has the capacity to enhance exports of surgical instruments, food items, seafood, information technology, leather goods and pharmaceutical items to Vietnam, because of the huge demand of these products there.
Achakzai said the report suggests signing of bilateral treaty for investment, agreement for mutual recognition of standards, enhancement of bilateral commercial activities, activation of Joint Business Council, exchange of regular delegations and participation in exhibitions of each other countries, respectively, for the enhancement of bilateral trade and economic relations.
Moreover, opening of trade offices of Vietnam in Karachi and Lahore and opening of direct banking channels and enhancement of air connectivity will also play a crucial role in enhancing people-to-people contact with each other, and subsequently, expand bilateral relations, he added.
The FPCCI president urged strong and significant relations between the business community and private sectors of the two countries for enhancement of business-related commercial activities.