Cashmere Development Fund established

Oyundelger 2018-02-23 09:02

Economy

The Cabinet has established the Cashmere Development Fund with the asset of 500 billion Mongolian Tugrugs to support the cashmere industry.

Cashmere Development Fund is established. The Cabinet has established the Cashmere Development Fund with the asset of 500 billion Mongolian Tugrugs to support the cashmere industry. Mongolian government plans to implement ‘Cashmere 2’ program between 2018-2022. The four-year program is expected to increase the country's production and export of final cashmere products with the aim to increase the production of value added goods by 60-70 percent. Mongolia is one of biggest producer of cashmere. The country produces a third of the global supply, and cashmere makes up 40 percent of the non-mineral exports. The biggest buyer of Mongolian cashmere is China which imported 5400 tons of washed cashmere from Mongolia last year. The country trades MNT 700-800 billion of cashmere annually.