During the event, the President of the National Chamber of Commerce and Industry of Mongolia, Lkhagvajav Baatarjav, emphasized: “As of today, the volume of bilateral trade between Mongolia and China amounts to $16.5 billion, which reflects 80 percent of Mongolia's total foreign economic turnover. Over the past ten years, this figure has increased from $1 billion to $16 billion, which is the result of our active cooperation.”
He also noted that participants discussed important aspects concerning the mining industry, construction, agriculture, and the food industry. “There are issues with calculations and reporting on mineral royalties, leading to significant tax debts for both foreign and local companies. Strict labor norms in Mongolia also create difficulties in attracting highly qualified specialists from abroad. In the spring, the parliament is expected to consider a package of bills aimed at improving the business climate and investment environment. Currently, more than a thousand Chinese companies are operating in Mongolia, and the current global situation highlights the importance of maintaining active and open business ties with our neighbors.”
Lu Jingzhi, the trade and economic advisor at the Chinese Embassy in Mongolia, added: “The mining industry occupies a central place in our economic cooperation. We see positive results in other areas as well, such as agriculture. It is necessary to strengthen coordination between governments and develop cooperation between state institutions. Mongolia should make its tax system more transparent and stable, improve the legal environment for workers, and create a more favorable business climate. Implementing these reforms will increase trade volume and deepen economic ties.”
The director of the company “Mergen Tur,” Enkhtur Tumenbayar, highlighted the significance of the signed Memorandum of Understanding between the National Chamber of Commerce and Industry of Mongolia and the China General Chamber of Commerce in Mongolia. He stated: “This document will provide real support for enterprises. The economy of Mongolia still heavily relies on the export of mining products. However, there is great potential for bringing agricultural products to the market. Our company is engaged in the production and export of light industry, facing certain difficulties when entering foreign markets. Diversifying exports and creating stable supplies of livestock products to the Chinese market is an important task that will increase the income of herders and support the rural economy. We intend to explore opportunities to reduce high import duties in China, which are 17 percent compared to our 5 percent.”
