Mongolian enterprises to have greater access to markets of Uzbekistan and Central Asia

Photo credit: MONTSAME

During his State Visit to the Republic of Uzbekistan, President of Mongolia Khurelsukh Ukhnaa met with President of Uzbekistan Shavkat Mirziyoyev, engaging in discussions with representatives from the business communities of the two countries, MONTSAME reports.

The business representatives from the two countries viewed this meeting as a clear sign that their leaders are placing special emphasis on developing trade, economic, and investment relations. The Presidents expressed their commitment to supporting enterprises in various leading economic sectors such as mining, agriculture, light industry, transport, logistics, and tourism, aiming to increase trade turnover by 10 to 20 times in the near future.

Within the framework of the 2024-2026 Program for the development of trade, economic, and investment cooperation, the parties approved a list of joint projects and programs to be implemented. This will enable the two countries to conduct mutually beneficial, active cooperation over the next two years.

Currently, more than 10 Mongolian enterprises operate in Uzbekistan. The Business Forum organized during the State Visit saw the participation of representatives from over 300 enterprises from Mongolia and Uzbekistan. The Mongolian National Chamber of Commerce and Industry (MNCCI) and the Uzbekistan Chamber of Commerce and Industry renewed their Memorandum of Cooperation and agreed to establish a joint business council. This council aims at connecting business people and supporting dialogue and cooperation initiatives in trade, investment, services, and all sectors of industry.

Several enterprises, such as “Tavan Bogd Solutions” LLC, “Mongol Basalt” JSC, “Doctor Auto Chain,” and “Era Jims,” have signed cooperation agreements with the Uzbek side. For instance, the “NURA” project, which uses advanced medical equipment and artificial intelligence technology to detect cancer and lifestyle-related diseases early, will be introduced in Uzbekistan.

The delegation accompanying President Khurelsukh on his State Visit to Uzbekistan includes representatives of over 40 national manufacturers small and medium enterprises, and producers. As of last year, the trade turnover between the two countries was USD 10 million, with a steady increase since the pandemic despite the limited range of goods. Mongolia exported USD 4.6 million worth of processed sheep and lamb skins, intestines, frozen mutton, beef, and goat meat, while importing USD 5.4 million worth of grapes, fruits, food products, refrigeration and freezing equipment, and trucks from Uzbekistan.

In recent years, Uzbekistan has made decisive steps to improve its investment and business environment and overcome challenges. As a result, its economy has nearly doubled in recent years, with GDP growing 1.5 times, the number of enterprises doubling, and industrial production increasing by 40 percent. As of last year, Uzbekistan’s GDP stood at USD 90 billion, with a per capita GDP of USD 2,510, and its foreign trade turnover reached approximately USD 63 billion.

Uzbekistan is a landlocked country rich in natural resources, with over 2,700 identified mining deposits and more than 60 types of minerals being extracted. It ranks fourth globally in terms of gold reserves and seventh in gold production.

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