Ulaanbaatar
Light Industry of Mongolia Marks 90th Anniversary of its Development
Economy
Ulaanbaatar, 2024 March 26 /MONTSAME/. This
year marks the 90th anniversary of the development
of the light industry in Mongolia. The anniversary meeting was held today at the
"Corporate Convention" center.
The President of Mongolia, U. Khurelsukh attended the meeting and delivered a congratulatory speech. “Epidemics, wars, hindrances in transport logistics, unemployment, poverty, hunger, shortage of goods, and price increases occurred in the world in recent years remind us that every country should pay special attention to its industrial sector. We all feel it. That is why the President of Mongolia initiated the "Food Revolution" national campaign throughout the country to improve the food security and supply of the population and develop the light industry sector. It is important to implement a comprehensive, integrated, and mutually supportive policy for the rapid development of the light industry sector,” highlighted President Khurelsukh.
Within the
framework of the campaign, a
variety of measures have been taken, such as customs, tax reliefs, and exemptions,
low-interest, long-term financing to citizens and enterprises working in food and light
industries, and as of today, support worth more than MNT 1 trillion has been provided, as
the President notes.
The President
believes that light industry development will bring numerous positive impacts, such as increasing jobs, reducing poverty, and improving
family livelihoods, and the quality of life.
In the future, we
need to bring the light industry sector to a new level, particularly by increasing the value of animal-origin raw materials, which is a growing resource, boosting production and export, and improving the preparation
and supply system. In this context, the President of Mongolia stated that he plans to initiate the "White Gold"
national movement throughout the country.
The light
industry output of Mongolia is estimated at MNT 1.4 trillion per year and the
sector is celebrating its 90th anniversary,
striving to become a priority sector of the country's economy.
The heyday of
light industry development began after World War II and lasted from 1960 to
1980. Industry experts say that production declined during the period of
privatization and free market transition, but today it is recovering.
On March 26, 1934, when the Industrial Combine was put into operation, it is considered that the industrial sector was established in Mongolia, especially the light industries developed a leading position.
