Ulaanbaatar
Mongolia-Germany economic forum taking place
Economy
Ulaanbaatar
/MONTSAME/ Today, on October 1, the ‘Digitalization, Automation, and Industrial Revolution 4.0’ Mongolia-Germany economic forum is being held in the reception hall of Shangri-La
Hotel, Ulaanbaatar.
The speakers are giving presentations about government support for innovation and research, Mongolia's economic outlook, digitalization in a developing country, significance of artificial intelligence, and digital technology as an opportunity for bilateral economic relations.
In her remarks, Rebecca Schmuecking, Executive Director of the German-Mongolian Business Association (DMUV) said, “At this forum, we are discussing the areas that do not attract Mongolian and German investments. As a result of the discussions, businesspeople of the two countries would get new information and discover possibilities for cooperation. Germany and Mongolia jointly implement a multitude of projects in mining. We are providing technical assistance for the fourth industrial revolution.”
Reporting on
Mongolia’s economic outlook at the forum, MP Ts.Garamjav informed “Mineral
products account for 86.6 percent of Mongolia’s total export. China is our key
purchaser and the European countries purchase 4.7 percent of the goods"
Mongolia is not among the top 100 trade partners of Germany, German MP Stefan Kaufmann said, while pointing out that therefore there is a room to develop Mongolia-Germany economic relations.
“Germany spends
three percent of its GDP on innovation and research activities and is aiming to
lift the percentage to 3.5 by 2015. I became aware that Mongolia spends 0.2 percent of
its GDP on science and suppose the country has more possibilities to pay attention to and
develop this area,” he added.
