Mongolian and Chinese officials and entities agree to focus on increased trade

The American Chamber of Commerce in Mongolia

2018-04-10 17:25 GMT+8

For Prime Minister U. Khurelsukh's official visit to the PRC, he is being accompanied by roughly 300 business entity representatives and seven cabinet ministers and parliament members.

Chinese and Mongolian officials have agreed to work to raise trade turnover to 10 billion USD by 2020. Trade turnover in 2017 totaled 6.5 billion USD, accounting for 63 percent of Mongolia’s foreign trade. In a meeting with Chinese Premier Li Keqiang, Prime Minister U. Khurelsukh signed 11 agreements on 447 million USD in various sectors. It was also determined that the PRC will provide 2 billion CNY in aid to Mongolia, within the framework of economic and technical cooperation agreements.
Minister of Foreign Affairs D. Tsogtbaatar reported that during the April 12th Mongolia-China Business Forum, Mongolian and Chinese businesses are expected to sign 36 agreements with an estimated value of 4.6 billion USD. He added, “The government’s main role is to support private sector and business activities. The private sector’s development will have various positive impacts, including an increased number of employment opportunities and expansion of the tax base.”

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