Ambassador Pham Hoang Kim and leader of Korangi Industrial Zone
at the MoU signing ceremony (Photo: tapchihuunghi.vn)
Korangi is one of the largest industrial zones of Pakistan, gathering more than 4,500 businesses in the main fields of Pakistan’s economy, such as garment and textile, leather footwear, pharmaceuticals, cosmetics, chemicals and food processing.
Many of them are doing business with Vietnamese partners. Pakistani businesses said that Vietnam – Pakistan economic and trade relations are developing strongly in recent years, however, the cooperation potential is still great and both sides have not yet fully exploited ties; Pakistan is always in a trade deficit, while the country has high demand for exporting goods, promoting export market.
Korangi industrial zone exports 75% of Pakistan's material leather with good quality and competitive price. Two-way trade in leather footwear has existed for a long time, but Pakistan’s export to Vietnam is still very low while Pakistan considers Vietnam one of the world top exporters of leather footwear.
In addition, the two countries can cooperate in the world's production chain, especially in the field of high-tech manufacturing. Moreover, Pakistan is also opening up to attract foreign investment; suggesting that this is the best time to invest in Pakistan, as the China-Pakistan Economic Corridor (CPEC) promises to push Pakistan to grow rapidly in the next 10 years.
At the end of the meeting, Ambassador Pham Hoang Kim and the leader of Korangi Industrial Zone signed a Memorandum of Understanding (MoU) to promote economic, trade and investment cooperation between businesses of the two sides.
At the meeting with Pakistan’s pepper importers, the businesses said that they have established a prestigious, reliable and mutual support relationship with Vietnamese enterprises. In recent years, although pepper prices in the market fell sharply, affecting the profitability of enterprises, local pepper importers have highly appreciated the timely price support from Vietnamese partners when export their pepper, while they still strictly adhere to import commitments as agreed in contracts between the two sides. This has contributed to strengthening trade relations and ensuring long-term development for the businesses of the two sides./.