Ulaanbaatar /MONTSAME/. The Mongolia-UK business forum took place on April 13. Co-organized by the Ministry of Foreign Affairs, the British Embassy in Mongolia, and the Mongolian National Chamber of Commerce and Industry, the forum was attended by Trade Envoy of the UK Prime Minister, MP Daniel Kawczynski and Ambassador Philip Malone. Discussions were held on trades between the two countries with representatives of the two sides’ business owners.

British MP Daniel Kawczynski gave opening remarks at the event. Highlighting that the Government of the United Kingdom is paying a significant amount of attention to making investments in Mongolia, and actively carrying out works, he announced that loans amounting to USD 3 billion are planned to be issued on soft terms for UK companies that are looking to invest in Mongolia. 

Furthermore, the MP informed about plans to visit Mongolia with investors and business representatives by the end of this year, noting that there are more opportunities to cooperate in sectors including renewable energy, agriculture, and education. The UK-side representatives also expressed their interest in the sectors of bank and financing as well as energy.

The UK Government plans to issue loans amounting to USD 3 billion on soft terms for British companies looking to invest in Mongolia.

During the business forum, Chief Representative for Turkey, Eastern Europe and Central Asia at UK Export Finance (UKEF) Ozgur Kutay introduced the export credit agency, while MNCCI Officer R. Ariuntungalag made a presentation on the Developing Countries Trading Scheme which allows lower tariffs for 70 qualifying countries exporting to the country. A presentation on the current state of Mongolia’s trade and economy was also done by Director-General of Foreign Trade and Economic Development Department of the Ministry of Foreign Affairs G. Ulziisaikhan. 

MNCCI President O. Amartuvshin said, “Since the establishment of diplomatic relations between the two countries in 1963, relations have been developed in politics, trade, economy, culture, education, and the humanitarian sector. It is highly necessary for both sides to put in efforts to increase trade turnover, reduce trade deficit, and strengthen investment ties.”

Currently, Mongolia’s main exports to the UK are cashmere, cashmere products, and gold, with the two countries’ businesses and organizations cooperating in the sectors of mining, education, bank and financing, and the stock market. In 2021, while Mongolia has exported animal husbandry products amounting to USD 10 million to the UK, goods and products such as drugs and medicine, medical equipment, and railway parts amounting to USD 40 million were imported from the country. Companies with UK investment currently run operations in the following sectors:

• 36 percent in retail trade and catering, 

• 15.5 percent in geology, exploration, and extraction, 

• 9 percent in bank and financing, 

• 28.5 percent in other sectors.