Trade turnover between Mongolia and Italy reaches over USD 70 millionEconomy
Ulaanbaatar /MONTSAME/ 2020 will mark the 50th anniversary of establishment of diplomatic relations between Mongolia and Italy.
On July 29, 2017, the Embassy of Italy was opened in Ulaanbaatar. As of today, 54 Italian invested companies are operating in Mongolia, making investment of USD 36.8 million. Italy invested mainly in the areas of trade, food industry, processing of animal origin raw materials and textile.
Trade turnover between the two countries reached over USD 70 million, of which USD 43.4 million are export and USD 33.3 million are import.
Since 1990, the Government of Italy has rendered non-refundable aid worth USD 7.2 million to Mongolia. Italian Minister of Economic Development C.Calenda and Member of Parliament A.Undraa are working as chairpersons of Mongolia-Italy Intergovernmental Commission and Mongolia-Italy inter-parliamentary group.