On January 10, a roundtable meeting was held at the National Chamber of Commerce and Industry of Mongolia, attended by representatives of government agencies and enterprises invested by Chinese companies.
The purpose of this event was to strengthen interaction between government structures and enterprises working with Chinese capital.
The President of the Chamber, B. Lkhagvajav, reported that the trade volume between Mongolia and China reached 16.5 billion US dollars, which accounts for about 80% of the country's total foreign economic turnover. Over the past ten years, this figure has increased from 1 billion to 16 billion dollars, highlighting the success of bilateral cooperation.
He noted that the meeting provided an opportunity to exchange views on important economic issues such as the mining sector, construction, agriculture, and the food industry. Attention was paid to issues related to taxes on mineral resources, which have been discussed for several years. These issues create difficulties for attracting foreign investments and negatively affect the financial condition of local companies.
B. Lkhagvajav also pointed out existing difficulties in labor legislation that hinder the attraction of highly qualified foreign specialists. A number of legislative initiatives aimed at improving the investment climate and business conditions are planned to be considered at the upcoming spring session of the Great State Khural.
According to the president, there are currently more than a thousand Chinese companies operating in Mongolia. Modern international conditions emphasize the importance of developing active and reliable business ties with neighboring countries.
The economic and trade counselor at the Chinese Embassy in Mongolia, Liu Jinqi, noted that the mining sector is a key element of economic cooperation between the two countries. The increase in trade and investment in this sector clearly demonstrates the development of bilateral relations.
Economic ties between Mongolia and China show real successes not only in the mining sector but also in agriculture. He added that it is important for the governments of both countries to strengthen political coordination and develop intergovernmental relations and cooperation.
In addition to improving intergovernmental interaction, Mongolia needs to enhance the transparency and stability of its tax system, improve the legal framework in labor relations and occupational safety, and create better overall conditions for business.
If these measures are implemented, the volume of bilateral trade will continue to grow, and economic cooperation will expand.
The director of the "Mergen Tur" company, T. Enkhtur, noted: “We consider the signing of the Memorandum of Cooperation between the Chambers of Commerce and Industry of China and Mongolia, which took place today, to be important. We are confident that this document will provide real support to enterprises in both countries.
Currently, the Mongolian economy remains heavily dependent on the export of raw materials from the mining sector. However, outside of this sector, there is significant potential for exporting agricultural products and processed goods. We hope that through the joint efforts of our company and the Chamber of Commerce and Industry of China, we can support the development of these areas.
One of the main tasks is to diversify exports and ensure stable supplies of agricultural products to the Chinese market. This is important not only for business but also for increasing the incomes of herders and the sustainable development of the rural economy.
Our company is also engaged in the production and export of light industry, especially small leather goods. However, when entering international markets, we face certain difficulties and administrative barriers. These include high import customs duties in China, which reach 17%, while in Mongolia they average 5%. We intend to consider the possibility of reducing these rates and relevant initiatives,” added T. Enkhtur.
The event was attended by representatives of 230 Mongolian and 60 Chinese companies, who held substantive consultations on cooperation and establishing business partnerships.
