President of Mongolia Visits National Factories

Densmaa 2023-04-20 03:04

Economy

Mongolia is aiming to fully meet its domestic needs of roughly 20 staple food products, enable domestic producers in the next 5 years, and further become a food exporting country.

With the "Food Revolution" initiative led by President, Mongolia is aiming to fully meet its domestic needs of roughly 20 staple food products, enable domestic producers in the next 5 years, create an animal disease-free zone and further become a food exporting country. At this visit, the President visited “Eden” LLC which produces about 20 types of fruit juice and jam, and “Cheese Republic Mongolia” LLC that contributes meeting the domestic needs of cheese. As part of this initiative, specific financial inducements have been proposed to enterprises. Specifically, there are several possibilities including long-term concessional loans up to 1 trillion Mongolian tugriks with an interest rate of 3 to 5 percent for national producers, 90 percent of income tax reduction for enterprises with annual sales of less than 1.5 billion Mongolian tugriks, and 100 percent customs duty exemption for new equipment for processing food and agricultural raw materials until 2027. Interestingly, according to the statistics, Mongolia produces nearly 150 tons of cheese domestically, while importing 3000 tons per year.