Uzbekistan - Mongolia: we will do business together

    Business 25 June 2024 792

    On June 24 this year, on the sidelines of the state visit of the President of Mongolia Ukhnaagiin Khurelsukh to Uzbekistan, Minister of Investment, Industry and Trade of the Republic of Uzbekistan Laziz Kudratov took part in the Uzbek-Mongolian business forum held in Tashkent.

    The event was also attended by heads of ministries and departments, industry associations and over 150 representatives of large companies from the two countries.

    In his welcoming speech, Laziz Kudratov noted the deep friendly historical ties between Uzbekistan and Mongolia and the special attention paid by the leaders of the two states to the expansion of bilateral multifaceted relations.

    The results of irreversible systemic reforms aimed at radically improving the investment and business environment in the country are highlighted, including measures to gradually eliminate all barriers, liberalize the economy, create a favorable investment climate, and comprehensively expand opportunities for entrepreneurs.

    For reference: in 2023, Mongolia's GDP amounted to $18.5 billion. In 2023, the country's economy showed steady growth of about 7%. The foreign trade turnover amounted to $24.4 billion. Mongolia is rich in natural resources such as gold, silver, iron, coal, copper, molybdenum, tungsten, tin, nickel, zinc and fluorspar.

    During the forum, a number of promising areas were identified for further building up trade and economic mutually beneficial partnership. We are talking, among other things, about the mining industry, agriculture, the production of building materials, medicine, pharmaceuticals, food, the development of the banking sector and other areas.

    Such initiatives as the joint development of new deposits of rare metals, basalt, as well as the organization of joint livestock and agricultural clusters with further export of products are called promising.

    They expressed their readiness to provide comprehensive support and create absolutely all conditions for the successful implementation of joint projects and the active activities of Mongolian companies in Uzbekistan.

    In turn, the President of the National Chamber of Commerce and Industry of Mongolia Dashtseren Enkhtuvshin, highly appreciating the potential for the development of trade, investment and industrial cooperation between the two countries, called on entrepreneurs to actively increase cooperation and boldly take on the most difficult joint initiatives.

    In accordance with the program of the business forum, a number of bilateral documents were signed in the fields of healthcare, construction materials production, automotive industry and agriculture.

    At the B2B and G2B negotiations organized within the framework of the forum program, representatives of the business circles of the two countries were able to establish new contacts, discuss practical aspects and plans for the implementation of new joint initiatives.