Mongolian tech companies penetrate foreign markets


2018-05-17 12:32 GMT+8

Mongolian domestic tech companies has started entering international markets, offering their goods and services. For example, two years ago, Instut LLC, which was founded by Mongolian programmists, introduced their product iRestaurant in Singapore. TungLok Group, Singaporean leading restaurant chain which owns and manages over 35 restaurants in Asia, has started using the iRestaurant in its service. Instut runs its domestic operations through its branch named Kaizen Mongolia. Currently, the company reported that 192 companies use its cashier program.

Furthermore, 90 percent of its sales revenue is accumulated from foreign markets and 10 percent from domestic market. However, 70 percent of its customers are domestic companies and only 30 percent are foreign firms. The company is planning to enter the Malaysian market to increase their sales in 2018 and plans to offer iRestaurant system, its major product, in the US, UK and Australian markets through the Apple’s app store within this year.

Moreover, Ametros Solutions LLC, a Mongolian producer of home automatization system concluded agreements to export its products to Kazakhstan and Myanmar. The first product of the company was a wireless charger. The company now manufactures security hardware.

According to Gartner, Inc., an American research and advisory firm providing information technology-related insight for tech and other business leaders, there is prospect that IT product and service expenses will reach USD 3.7 trillion throughout the country in 2018.

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