Ulaanbaatar
Developing New Initiatives, Advancing Regional Cooperation
Economy
Ulaanbaatar, October 10, 2025 /MONTSAME/. Since joining the Central Asia Regional Economic Cooperation (CAREC) Program in 2003, Mongolia has implemented numerous internationally funded projects in the fields of transportation, trade, energy, and cross-border cooperation.
According to the Ministry of Economy and Development, Mongolia attracted over USD 1.4 billion in investments for 19 projects under the CAREC framework last year alone. Of this, USD 978 million (66 percent) was allocated to 12 transport projects, nine of which were financed by the Asian Development Bank (ADB). These include projects for road development in the western region, modernization of border crossing points, improvement of healthcare services, and road maintenance. CAREC investments have significantly contributed to Mongolia’s infrastructure, trade, green development, and regional integration.
In connection with Mongolia assuming the chairmanship of CAREC in 2026, representatives of the Ministry of Economy and Development met with Lyaziza Sabirowa, Head of the CAREC Program at ADB, and other officials to discuss the program’s priority areas, new initiatives, ministerial meeting themes, and potential areas of implementation for 2026.
The sides exchanged views on Mongolia’s participation in the Central Asia Trade and Investment Cooperation Agreement, the development of value chains for critical minerals in the region, enhancing Mongolia’s involvement, developing the CAREC regional capital market, and joining the regional digital corridor to facilitate cross-border trade. These initiatives are aimed at deepening regional economic integration, promoting sustainable development, and expanding private sector participation.
Mongolia also expressed its interest in actively engaging in all activities related to digital development and water–energy connectivity, as well as advancing its integration into Asian Highway Corridor II, which connects to Europe.
To mark CAREC’s 25th anniversary, Mongolia agreed to implement a three-phase plan to formalize new regional initiatives and ensure high-level participation during its chairmanship of the 2026 CAREC Ministerial Conference.
Having been an active member of CAREC for more than 20 years, Mongolia continues to play a constructive role in strengthening regional cooperation, with this latest meeting marking a key step forward in elevating such collaboration to a new level.
