Ulaanbaatar, May 27, 2025 /MONTSAME/. At the invitation of President of Mongolia Khurelsukh Ukhnaa, Federal President of the Republic of Austria Alexander Van der Bellen is paying a State Visit to Mongolia on May 25-28, 2025.

On May 27, 2025, the Mongolian National Chamber of Commerce and Industry and the Austrian Federal Economic Chamber (WKO) jointly organized the Mongolia-Austria Business Forum, with support from Eurochamber Mongolia.

Opening the Business Forum, President of Mongolia Khurelsukh Ukhnaa and Federal President of the Republic of Austria Alexander Van der Bellen delivered remarks. President Khurelsukh underscored that Mongolia is improving its investment policy and is adhering to the principle of being a trustworthy, reliable, and long-term partner.

The Head of State of Mongolia highlighted that Austrian businesses, with their know-how, advanced technologies, innovation, and investment capacity, can play an important role in implementing the 14 mega projects of the Government of Mongolia. President Khurelsukh called enterprises for utilizing the opportunity provided by the European Union’s Generalized System of Preferences, which allows 7,200 Mongolian products to enter the EU market duty-free, and to deepen cooperation. The President of Mongolia also invited businesses to attend the Mongolia–EU Business and Investment Forum to be held in Ulaanbaatar in October 2025.

Federal President Alexander Van der Bellen noted that intensifying bilateral trade and investment would boost economic growth and further strengthen people-to-people ties and mutual understanding. The Head of State of Austria underlined that Austria is ready to share its experience, know-how, and proven solutions in agriculture, tourism, infrastructure, healthcare, and energy. The Federal President expressed confidence that Mongolia’s dynamic economic growth would attract more Austrian companies and lay the foundation for deep and enduring partnerships.

The Business Forum brought together around 80 Mongolian companies and 22 Austrian enterprises representing seven sectors. Mongolia exports tungsten ore and concentrates, leather clothing, de-haired cashmere, raw materials, animal products, and foodstuffs to Austria, and imports equipment, machinery, chemicals, energy products, electrical appliances, and automation equipment.

In 2024, trade between Mongolia and Austria totaled USD 39.54 million, with  Mongolia exporting goods worth USD 5.03 million and importing goods worth USD 34.51 million. Bilateral trade accounts for 0.23 percent of Mongolia’s total foreign trade and 2.4 percent of its trade with European Union Member States. 

Federal President of the Republic of Austria Alexander Van der Bellen said, “This is the first State Visit of a Federal President of Austria to Mongolia in more than sixty years of bilateral diplomatic relations, and I am very glad I could make this Visit. Our two countries are more closely related than many would expect. For instance, we are democracies governed by the rule of law with systems of checks and balances, and our political systems are similar.

If you look at the geography of Mongolia, between Russia and China, your expectations may perhaps be different. Yet, we feel like ‘Third Neighbours,’ as the official wording puts it, and this is true.  In commerce, business, science, and research, we share many common interests, and I am convinced they already exist, but this can always be improved. There is space to grow and intensify these relations.

This Business Forum clearly shows that interest is strong from both sides. The same applies to science, research, and even music.”

Vice President of the Austrian Federal Economic Chamber (WKO) Philipp Gady noted, “During the State Visit, eight Memoranda of Understanding and a Letter of Intent for issuing a fourth tranche of a soft loan were signed.

That soft-loan framework will help launch projects in healthcare, infrastructure, and other public-sector branches. In particular, infrastructure projects, such as developing the new Capital City, offer opportunities for European and Austrian expertise. Optimizing traffic systems and strengthening the healthcare sector are among the 14 Mega Projects where we can work well together.

Mongolia has a young population, and the level of mutual trust and appreciation between our countries is high. Of course, distance remains a challenge, which makes it all the more important to have strong local partners who can cooperate on the ground with Austrian companies already active throughout the region. We see the potential clearly, and we believe we can get it done.”

Chief Executive Officer of the MNCCI Saruul Bulgan stated, “At the Business Forum, 80 Mongolian companies and 22 Austrian companies are participating. The main areas of interest are pharmaceuticals, railway construction, and other high-technology fields. Mongolian enterprises are seeking to find partners and investors at this Forum, and we expect deeper cooperation not only in pharmaceuticals and technology but also in hydropower, where Austria has strong expertise.

We hope Austrian investment in Mongolia will grow in the coming years. So far, our bilateral trade turnover is relatively modest, around USD 40 million, of which roughly USD 35 million represents Austrian exports to Mongolia and USD 5 million Mongolian exports to Austria. Mongolia is highlighting its “White Gold” National Movement, which aims at exporting combed cashmere and finished cashmere products, boosting Gross Domestic Product, and creating new jobs.

Austrian businesses are particularly interested in high technology. Two railway-construction companies, one hydropower-technology company, and several other enterprises are seeking to join Mongolia’s 14 mega projects, which Mongolia welcomes. The enterprises have already met with Mongolian agencies to understand how to participate in upcoming tenders.

To boost Mongolia’s exports, we are expanding organic food production and strengthening partnerships with Austrian food-processing companies. We also want this Business Forum to be reciprocal, beyond hosting Austrian companies annually in Ulaanbaatar, we plan to organize a Business Forum in Vienna in 2026, with around 100 leading Mongolian enterprises and 20 representatives participating.”