Trade Turnover between Mongolia and China Exceeds USD 12.5 BillionEconomy
Ulaanbaatar, September 26, 2023 /MONTSAME/. Yesterday, the representatives of over 60 companies of the Inner Mongolia Autonomous Region of the People’s Republic of China took part in a business forum held at the Mongolian National Chamber of Commerce and Industry (MNCCI).
The Vice President of the International Trade Promotion Council of the Inner Mongolia Autonomous Region Miao Zeng Wei delivered an opening address of the Forum.
He noted that this year marks the 74th anniversary of the establishment of diplomatic relations between Mongolia and China, and the 10th anniversary of the "One Belt One Road" Initiative put forward by China, and said that the trade turnover between the two countries has exceeded USD 12.5 billion making 34 percent increase compared to the last year’s performance. Mr Miao Zeng Wei pointed out that it is remarkable that the International Trade Promotion Council of the Inner Mongolia Autonomous Region is co-organizing the "Business meeting on supply, trade, economy and investment of enterprises" with the Mongolian National Chamber of Commerce and Industry particularly at this time.
The President of the Mongolian National Chamber of Commerce and Industry D. Enkhtuvshin said at the opening of the Forum, "Our two countries have historical, traditional friendly relations and extensive business cooperation. In recent years, new business opportunities have been created, cooperation in many fields has intensified, and foreign trade and cooperation are growing more and more." He expressed gratitude for the arrival of a large delegation from the Inner Mongolia Autonomous Region seeking new business opportunities and new investment partnerships in Mongolia.
Increase of foreign trade between Mongolia and China in recent years shows that there is an opportunity to further expand the trade and economic relations between the two countries. In particular, the market of Inner Mongolia has always been the largest market for the Mongolian export goods, and the International Trade Promotion Council of Inner Mongolia and the Mongolian National Chamber of Commerce and Industry have been closely cooperating in this respect.
At the recent Trade and Investment Meeting between Mongolia, China and Russia organized in Ereen, and the Fourth Mongolia and China Expo held in Hohhot, Mongolia participated with a large number of companies presenting investment projects and discussed about the possibilities of further expansion of cooperation. Within the framework of the official visit of the Mongolian Prime Minister L. Oyun-Erdene to China last June, the Forum on Trade and Economic Cooperation between Mongolia and China was successfully organized in Beijing. More than 600 entrepreneurs from the two countries participated in the Forum and signed 25 contracts worth USD 2.2 billion.
China accounts for 84 percent of Mongolia's exports, 57 percent of which is hard coal, 26 percent is copper ore and concentrate, and four percent is iron ore and concentrate, which makes in total USD 10.6 billion. China supplies Mongolia with goods worth of USD 8.7 billion, 10 percent of which are trucks, seven percent - trailers and other parts, and four percent - electricity and energy, making in total USD 3 billion.
Over 60 companies, such as Energy technology and production company "Shuangliang", "Northern Rare Earth Group", "Bugat Iron and Steel Group" from Bugat, biopharmaceutical production company "Jinyu Baolin" from Hohhot, medical hospitals, pharmaceuticals, medical international exchange and cooperation center from Holonbuir, Adis Mongolian medicine from Tongliao city, Xinyuan and Luton trade technology from Ulaantsav, and Guan Zi technology from Bayannuur participated in the Forum and B2B meetings to introduce their activities, business relations and cooperation proposals to Mongolian counterparts.