Mongolia-Russia Business Forum Held in UlaanbaatarEconomy
Ulaanbaatar, March 24, 2023 /MONTSAME/. Russia has exported goods worth USD 2.6 billion to Mongolia, while Mongolian export to Russia has amounted to around USD 91.6 million. It clearly shows that the balance in trade between the two countries has been lost.
In this case, one of the gateways to increase Mongolian export to Russia could be the re-export, according to the attendees at the Mongolia-Russia Business Forum which was held on March 23 in Ulaanbaatar. In this regard, the President of the Mongolian National Chamber of Commerce and Industry Mr. Amartuvshin underlined the importance of developing the free trade zones in Mongolia and ensuring their readiness to increase the re-export.
Over 40 companies’ representatives from Russia, headed by the Governor of Irkutsk province Mr. Igor Kobzev, and the President of the Chamber of Commerce and Industry of Eastern Siberia Mr. Alexey Sobol participated in the Forum. Due to the proximity of location, Irkutsk province is the main bridge for trade and economic cooperation between the countries. In 2022, Mongolia exported USD 3.6 million to this province, while in turn, Irkutsk exported goods and services worth USD 170 million to Mongolia.
Underlining the interest to buy cashmere and meat products from Mongolia, the Governor of Irkutsk province Mr. Igor Kobzev expressed his readiness to develop cooperation in economy and trade at first, and further in other sectors, namely education, emergency service, tourism, health, agriculture, and environment.
On the Mongolian side, stressing the fact that our close cooperation with neighboring countries will provide a stimulus to develop our manufactories and increase our exports, the representatives suggested that the export and trade cooperation could be brought to a new level by establishing joint factories.
During the Forum, the Chamber of Commerce and Industry of Eastern Siberia and the Mongolian National Chamber of Commerce and Industry signed a Memorandum of Cooperation and the Development Corporation of Irkutsk province established several Foreign Trade agreements with Mongolian line public organizations, private enterprises, and three aimags.
As a side note, it was announced that the Summit of the Mongolian, Russian, and Chinese Chambers of Commerce and Industry would be held on June 8 this year.