CAREC Ministerial Meeting begins here

2015-09-24 17:41:01

Ulaanbaatar /MONTSAME/ The 14th Ministerial Meeting of the Central Asia Regional Economic Cooperation (CAREC) commenced officially at Shangri La Hotel of Ulaanbaatar on September 24. The action will run for three days, incorporating the leaders’ meeting and an investment forum.

Over 160 delegates are taking part in the 14th meeting, including ministers and vice ministers of finance, economy, trade and transport from 10 member states, state officials, CAREC multilateral and bilateral partner organizations and diplomatic missions.

CAREC initiatives, programs and frameworks are being considered on a ministerial level. The decisions from the discussions will be summarized in an official joint declaration at the end of meeting.

On Day 2, Investment Forum Ulaanbaatar will be organized by Erdenes Mongol LLC, Asian Development Bank and Mongolian Business Council. The event aims to improve the integrity of the central Asian region and to promote multi-pillared relations of Mongolia in an effort to enhance the country’s economic growth.

At the meeting, Mongolian Prime Minister and other high officials from the CAREC member states will make presentations on their countries’ key economic sectors, investment opportunities and alleviations for foreign investments.

The CAREC was founded in 1997 with support of the ADB, in purposes of promoting the regional economic growth and of strengthening partnership between the regional countries through launching joint projects of road and transport, commerce and energy, which are in the best interest of the Central Asian countries.

The international program has 10 members – Afghanistan, Azerbaijan, China, Kazakhstan, Pakistan, Mongolia, Tajikistan, Turkmenistan and Uzbekistan.

Mongolia has run projects worth 571 million US dollars in the course of a decade since its membership to CAREC in 2003. Completed are the projects on infrastructure development, customs renovation and on Mongolia’s trade and human development.

Six more projects, costing 172 million US dollars, on developing the western roads (connecting Yarant and Ulaanbaishint) and on enhancing the logistics of Zamyn-Uud border checkpoint are underway.