S. Tuna Sahin: Sector diversification of Mongolian SMEs is the right path

2019-10-29 16:06:32

Ulaanbaatar /MONTSAME/. Business owners attending the international business forum, ‘Export Mongolia-2019’, are learning about domestic and foreign practices on the development of small and medium enterprises aside from participating in meetings and workshops.

On his observation on SMEs of Mongolia and export, Vice President of the Small and Medium Enterprises Development Organization of Turkey (KOSGEB) S. Tuna Sahin said, “It seems that mining and agriculture are the two main sectors in Mongolia. However, I am happy to see that Mongolians are paying more attention to the cashmere sector in recent years, putting in effort into all stages from preparing commodities to processing, and creating high-quality final products through restructuring. Sector diversification of Mongolian SMEs is the right path.”

“We support start-ups, small and micro business owners from the stage of employment. For instance, they receive support in sourcing finance and marketing for their products and services alongside participating in foreign markets. We give our services to 3 million entities and citizens that own SMEs,” he said on the matter of giving support to SMEs in Turkey.

During the forum, the SME Development Fund and the KOSGEB Agency of Turkey signed a memorandum on exchanging practices.

Export financing takes 55.6 percent of the total loans given by the Development Bank of Mongolia

Director of Credit Financing Department of the Development Bank of Mongolia B.Uyanga said, “With the Export Mongolia-2019 being organized for the 5th consecutive year, our bank is also co-organizing the forum for the 5th year as the Development Bank of Mongolia finances factories that are working to export their products as well as those that are currently exporting alongside projects being implemented by entities. With the revisal of the Law on Development Bank of Mongolia in 2017, it was set that more than 60 percent of the programs are to be export-oriented.”

In the framework of the forum, a fair is being organized under the theme, ‘Mongolian Brands in the World’, with the participation of Mongolian export companies. From the export products being presented at the fair, a single product is to be selected, which will be promoted at the ‘Made in Mongolia’ event that will take place in Japan alongside winning the ‘Best of the Best’ award.