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36 agreements signed as Mongolia-China Business Forum kicks-off

Yesterday, Mongolian Prime Minister Khurelsukh Ukhnaa, who is paying an official visit in the People’s Republic of China (PRC) at the invitation of his counterpart Li Keqiang, opened Mongolia– China Business Forum with a remarkable speech.

Mongolia wishes to develop close cooperation on export diversifying sectors, such as agriculture. In addition, we call for cooperation on establishing railway and building satellite towns of Ulaanbaatar,” the Mongolian Premier emphasized in his speech. “The Government of Mongoliaexpresses that it will show complete support to the mutual cooperation of the two sides,” he added.

“More than 600 representatives are participating in this forum today. This shows that there is a high cooperation interest between the two countries’ entrepreneurs,” Chairman of the China Council for the Promotion of International Trade Jiang Zengwei highlighted. He emphasized that it needs to ease Mongolia and China trade issues, reduce obstacles in crossing the border and customs duty. He also noted that investment shall be increased. “In Mongolia, there is a great demand for industrialization. In this regard, China has much experience and therefore, there is an opportunity to develop business cooperation,” he added.

During the forum, Mongolian and Chinese companies signed 36 agreements worth USD 4.6 billion. Mongolian Foreign Minister Tsogtbaatar highlights this is the main achievement of this visit. “The key function of the Government is to support entrepreneurs’ operations. Widening of the private sector operation will help increase workplaces and expand tax fundament,” the minister stressed.

By the end of 2017, volume of Mongolia-China foreign trade reached USD 6.7 billion, a 36 percent increase compared to 2016, and accounts for 63 percent of Mongolia’s total foreign trade. The countries have set an objective to increase the volume to USD 10 billion by 2020. During the meeting between PM Khurelsukh and President of the PRC Xi Jinping, sides agreed on several actions within the frame of latter objectivem such as intensifying cooperation mechanisms, reduce non-tariff barriers in trade, activate cooperation in agriculture, tourism and industrial capacity.

Oyunbayar.N

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