Mongolia, Russia, China and South Korea seek cooperation opportunities.
Mongolia's trade made with member states of the initiative Russia, China and Korea is making up from 70 to 90 percent of total trade turnover.
A Consultative Commission Meeting of ‘Greater Tumen Initiative’ Program between Mongolia, Russia, China and Korea has been held in Ulaanbaatar capital city. Over 100 delegates from the four countries are partaking in the consultative meeting to discuss Mongolia's investment programs, government policy and funding opportunities for priority sectors such as agriculture and mining. According to the statistics of last decade, Mongolia's trade made with member states of the initiative Russia, China and Korea is making up from 70 to 90 percent of total trade turnover. More specifically, Mongolia made over 80 percent of its export to China while about 30 percent of import to Russia. Deputy Prime Minister of Mongolia Mr. Enkhtuvshin in his opening speech highlighted that Government of Mongolia is ensuring preparation to put ‘Tavan Tolgoi’ project, one of the world’s largest untapped coking and thermal coal deposits into economic circulation and plan to implement the project in collaboration with private sector and foreign investors in an open manner. He also called on member countries of ‘Greater Tumen Initiative’ to establish trade facilitation agreement, to implement joint construction projects and to augment investment. At the end of his speech, Deputy PM noted the Government is working to establish free trade zones in Altanbulag and Zamyn-Uud border checkpoints and develop export-oriented industry there and requested foreign investors to take part in it. Furthermore, Mongolian side introduced the overview of the government`s policy on investments to the country that the total 115 projects worth more than USD 16 billion projected to be implemented in 2018-2021 in the scope of Government's Three Pillar Development Policy.
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