Minister of Economy explores stronger economic cooperation with Mongolia

Minister of Economy explores stronger economic cooperation with Mongolia

ABU DHABI, 2nd August, 2022 (WAM) -- Abdullah bin Touq Al Marri, Minister of Economy, has held a meeting with Odonbaatar Shijeekhuu, Ambassador Extraordinary and Plenipotentiary of Mongolia to the UAE, to explore opportunities to strengthen trade and economic cooperation between the two countries.

During the meeting, which took place at the Ministry's headquarters in Dubai, Al Marri emphasised the UAE's commitment to solidifying its economic and trade partnership with Mongolia in fields of shared interest to support both countries' developmental agendas as well as their sustainable economic growth.

Bin Touq said, "Mongolia is a promising market with which we aspire to increase trade and investment exchanges, especially in sectors such as tourism, aviation, logistics, agriculture and animal food trade, food security, apart from other strategic areas of shared interest. The partnership further aims to boost private sector cooperation between the two sides by highlighting the available opportunities in our markets, exploring new collaboration mechanisms and facilitating the exchange of expertise."

He also reviewed the UAE's ambitious strategy to attract talent and competencies from all vital sectors, in addition to its advanced infrastructure, attractive business environment, the recently issued flexible legislations, and the incentives offered to companies to encourage FDI in the country's promising market.

The discussions also shed light on the Comprehensive Economic Partnership Agreements (CEPA) model pursued by the UAE, through which the country has signed three agreements so far with India, Indonesia, and Israel. Through these agreements, the UAE aims to expand its partnerships to reach strategic global markets, in line with the Principles of the 50 and the UAE Centennial 2071 goals to build a highly competitive national economy based on knowledge and innovation.

The UAE is Mongolia's number one Arab and GCC trade partner as of 2021. The non-oil trade between the two countries witnessed a 119 percent growth in Q1 2022 compared to the same period in 2021. During this period, the UAE's non-oil exports to Mongolia saw an 81 percent growth, led by medical and pharmaceutical industry supplies, construction materials, food materials such as tea and petrol and mineral oil.