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KARACHI: Vietnamese President Tran Duc Luong on Friday underlined the need for doubling the efforts for bilateral multifaceted cooperation specially in trade and investment in the years ahead.

He was addressing the newly constituted Pakistan-Vietnam Business Council at a local hotel. Federal Industries Minister Liaquat Ali Jatoi, Vietnamese Minister of Trade Truong Dinh Tuyen, Vietnamese Minister of Investment Truong Van Doan, first vice president Vietnamese Chamber of Commerce and Industry and FPCCI president Riaz A Tata were also present on the occasion.

President Luong said that keeping in view the great potential two countries and current performance of the economies, the present level of trade was "abnormal". It is too small compared to the true potential of the two countries, he added.

Agreeing to the prediction that the 21st Century will be the century of Asia Pacific, he said that countries in the region are going for cooperation. He pointed out that Vietnam and Pakistan are high growth nations, offering a good opportunity for two-way economic cooperation.

Referring to his meetings with President Musharraf and Prime Minister Jamali, he said that there was a need for doubling the efforts for multifaceted cooperation specially in trade and investment in the years ahead. He said that keeping in view the great potential two countries and current performance of the economies, the present level of trade was "abnormal". It is too small compared to the true potential of the two countries, he added.

Vietnam and Pakistan stands close to each other in the 21st Century for close cooperation for mutual development. "I am deeply moved by the sentiments and warm welcome extended to me by the people and leaders of Pakistan. And also by the willingness for further promotion of economic cooperation from both sides", he observed.

President Luong said the people and governments of two countries have embarked upon an ambitious plan to further grow our economies and improve living standards of our people. The globalisation and international equation is evolving quickly in the world, posing opportunities as well as challenges specially for developing countries, he noted. He said that leaders of developing countries are calling for cooperation between south and south for facing challenges and capitalising opportunities of globalisation.

Commenting on the suggestion of Industries Minister Liaquat Jatoi, he said that expanding two-way trade to $ 500 million was not unimaginable. He said that when President Pervez Musharraf visited Vietnam in 2001, the two-way trade volume was averaging around $ 20 million. "We decided to expand this trade volume to $ 100 million and in 2003, the total trade is about 50 million."

He was of the opinion that success will come beyond imagination, if countries take sincere efforts for trade and investment promotion. He pointed out that Vietnamese exports have risen from $ 2 billion in 1990 to $ 45 billion in 2003. He said that Pakistan and Vietnam both wanted to promote trade and investment activities.

Appreciating the step for establishing Pak-Vietnam Business Council, President Luong said that this will help in further promoting bilateral trade and investment. He said that there is a political "will" of top leaders to strengthen diplomatic and political relations. This will help in boosting trade and economic cooperation, he added. He said that there was a need for establishing a favourable legal framework for the business communities of two countries.

President Luong said that the joint declaration signed by the two side in Islamabad contains all these essential items. He observed that the dynamism of business communities of the two countries will do the rest. They have to cooperate and materialise opportunities for expanding trade.

Earlier Industries Minister Liaquat Ali Khan Jatoi in his address pointed out Pakistan's economic performance and added that country's industrial growth was estimated at 14.7 percent. Automobile sector was growing at a rate of 57 percent while leather sector was expanding at 53 percent. He urged the Vietnamese president to expand bilateral trade to $ 500 million in next 2 years.

Vietnamese Trade and Investment minsters Dinh Tuyen and Van Doan also spoke on the occasion and called for boosting trade and investment ties between the two countries.

FPCCI, VCCI signs agreement

Later, Federation of Pakistan Chambers of Commerce and Industry (FPCCI) and Vietnam Chamber of Commerce and Industry (VCCI) Friday signed an agreement of economic and commercial cooperation. FPCCI president Riaz A Tata and first vice president VCCI Hoang Van Dung inked the agreement.

Under the agreement, both parties will exchange information and hold review on regular basis regarding expansion of trade between the two countries. Both the bodies will provide every possible facility and assistance to business trade mission for visiting each other countries.

Both the organisations will support and encourage exchange of trade delegations and missions to promote trade between the two countries. FPCCI and VCCI will assist each other in their participation in trade fairs, exhibition and expositions held in either of the countries.