100 representatives from 40 Russian enterprises arrived in Ulaanbaatar, Mongolia. They are participating in a multi-sector business forum titled "Made in Russia”, which is organized with cooperation of the Mongolian National Chamber of Commerce and Industry.
The delegation included companies from industries such as food, agriculture, chemical manufacturing, technology, medical equipment, and construction materials, with many looking for partnerships in Mongolia.
S.Amarsaikhan, Deputy Prime Minister of Mongolia, made the opening speech of the forum.
- We need to establish an economic corridor between Mongolia and Russia, and regulate border crossings like Altanbulag and Khushig Valley. During the visit of V.Putin, the Russian President, we agreed on upcoming projects like the Eg river hydro power plant and the feasibility study for a natural gas pipeline through Mongolia.
We formed a cooperative working group to ease trade-related financial transactions between the two countries. And it will focus on introducing a new transaction system and the possibility of a Russian bank opening a branch in Mongolia. And the discussions are ongoing with Mongolia’s Central Bank and that the intergovernmental commission will meet later this year to address economic cooperation. Also, two Heads of the States will hold a meeting again”.
He also noted that Mongolia's 2025 state budget will include 600 projects, particularly in the road and energy sectors, which could present collaboration opportunities with Russian enterprises.
S.Amarsaikhan's remarks coincided with several anniversaries in Mongolian-Russian relations, such as the 75th anniversary of UBTZ, a joint railway project, and the 50th anniversary of the Erdenet Mining Corporation.
Additionally, S.Amarsaikhan mentioned Mongolia's ongoing efforts to finalize a Free Trade Agreement (FTA) with the Eurasian Economic Union and the Republic of Korea. Once established, this agreement will facilitate the export of 375 goods, including meat, leather, wool, and cashmere, to Russia without import duties. The agreement is expected to begin implementation in January 2025.
Ts.Magnaibaatar, Vice Chairman of the Mongolian National Chamber of Commerce and Industry, highlighted that current trade between Mongolia and Russia is valued at $2 billion. In 2023, we exported a total of 80,000 tons of meat, which is our historical record. However, our meat factories have the capacity to prepare 180,000 tons of meat per year.
He noted Mongolia's potential to increase exports of meat, cashmere, and other products, with particular emphasis on utilizing Mongolia’s Free Trade Agreement with the European Union and Japan.
The Eurasian Economic Union (EAEU) member states do not yet conduct e-commerce among themselves, but in a recent development, the union accepted Mongolia's request to include e-commerce clauses in their trade agreements. This inclusion aims to streamline processes like filing customs declarations, reduce trade barriers, and clarify dispute management between businesses from both sides.
In 2023, trade with Russia represented 100% of the trade volume, with 95% being imports from Russia and only 5% being Mongolian exports. This imbalance highlights the erosion of Mongolia’s trade ratio with its northern neighbor. However, starting next year, both governments have agreed to work on increasing the value of Mongolia’s agricultural raw materials and boosting trade through expanded cooperation in industries like meat, leather, and cashmere.
The Free Trade Agreement (FTA) is expected to significantly increase exports between the two nations starting next year. The agreement will last for three years, after which its impact will be evaluated to determine whether its scope should be expanded.
In addition, the Russian-Mongolian Business Forum is planned for next year in Saint Petersburg, Russia.
100 representatives from 40 Russian enterprises arrived in Ulaanbaatar, Mongolia. They are participating in a multi-sector business forum titled "Made in Russia”, which is organized with cooperation of the Mongolian National Chamber of Commerce and Industry.
The delegation included companies from industries such as food, agriculture, chemical manufacturing, technology, medical equipment, and construction materials, with many looking for partnerships in Mongolia.
S.Amarsaikhan, Deputy Prime Minister of Mongolia, made the opening speech of the forum.
- We need to establish an economic corridor between Mongolia and Russia, and regulate border crossings like Altanbulag and Khushig Valley. During the visit of V.Putin, the Russian President, we agreed on upcoming projects like the Eg river hydro power plant and the feasibility study for a natural gas pipeline through Mongolia.
We formed a cooperative working group to ease trade-related financial transactions between the two countries. And it will focus on introducing a new transaction system and the possibility of a Russian bank opening a branch in Mongolia. And the discussions are ongoing with Mongolia’s Central Bank and that the intergovernmental commission will meet later this year to address economic cooperation. Also, two Heads of the States will hold a meeting again”.
He also noted that Mongolia's 2025 state budget will include 600 projects, particularly in the road and energy sectors, which could present collaboration opportunities with Russian enterprises.
S.Amarsaikhan's remarks coincided with several anniversaries in Mongolian-Russian relations, such as the 75th anniversary of UBTZ, a joint railway project, and the 50th anniversary of the Erdenet Mining Corporation.
Additionally, S.Amarsaikhan mentioned Mongolia's ongoing efforts to finalize a Free Trade Agreement (FTA) with the Eurasian Economic Union and the Republic of Korea. Once established, this agreement will facilitate the export of 375 goods, including meat, leather, wool, and cashmere, to Russia without import duties. The agreement is expected to begin implementation in January 2025.
Ts.Magnaibaatar, Vice Chairman of the Mongolian National Chamber of Commerce and Industry, highlighted that current trade between Mongolia and Russia is valued at $2 billion. In 2023, we exported a total of 80,000 tons of meat, which is our historical record. However, our meat factories have the capacity to prepare 180,000 tons of meat per year.
He noted Mongolia's potential to increase exports of meat, cashmere, and other products, with particular emphasis on utilizing Mongolia’s Free Trade Agreement with the European Union and Japan.
The Eurasian Economic Union (EAEU) member states do not yet conduct e-commerce among themselves, but in a recent development, the union accepted Mongolia's request to include e-commerce clauses in their trade agreements. This inclusion aims to streamline processes like filing customs declarations, reduce trade barriers, and clarify dispute management between businesses from both sides.
In 2023, trade with Russia represented 100% of the trade volume, with 95% being imports from Russia and only 5% being Mongolian exports. This imbalance highlights the erosion of Mongolia’s trade ratio with its northern neighbor. However, starting next year, both governments have agreed to work on increasing the value of Mongolia’s agricultural raw materials and boosting trade through expanded cooperation in industries like meat, leather, and cashmere.
The Free Trade Agreement (FTA) is expected to significantly increase exports between the two nations starting next year. The agreement will last for three years, after which its impact will be evaluated to determine whether its scope should be expanded.
In addition, the Russian-Mongolian Business Forum is planned for next year in Saint Petersburg, Russia.