UAE, Mongolia discuss elevating trade, investment ties

UAE, Mongolia discuss elevating trade, investment ties

ULANBATAAR, 10th July, 2023 (WAM) -- Dr. Thani bin Ahmed Al Zeyoudi, Minister of State for Foreign Trade, headed a UAE delegation to the Mongolia Economic Forum in Ulaanbaatar this week, where he met senior government officials to strengthen economic collaboration and foster investment flows between the two nations.

During the two-day event, Dr. Al Zeyoudi held bilateral meetings with Ch. Khurelbaatar, Mongolia’s Deputy Prime Minister and Minister of Economy and Development, and Y. Sodbaatar, Chief of Staff of the President’s Office, during which, both sides explored the means to develop the partnership and underlined their commitment to enhance trade and investment cooperation. 

The two sides also discussed the latest developments relating to the 13th ministerial meeting of the World Trade Organisation (WTO) which will be hosted by the UAE in 2024.

Dr. Al Zeyoudi also met B. Battsetseg, Minister of Foreign Affairs of Mongolia, to explore the opportunities in emerging sectors such as agriculture and food security in addition to exploring potential joint investments in the mining sector, and S. Byambatsogt, Minister of Road and Transport Development of Mongolia, where they reviewed Mongolia’s status as a bridge between China and Russia and how that can catalyse its logistics and aviation sectors.

Dr. Al Zeyoudi said, “Mongolia is a valued partner for the UAE in Asia, with increasingly open trade policies, strong regional integration, and commitment to economic diversification. By further strengthening trade ties, we can mutually benefit from increased market access and the exchange of goods, services, and technologies that contribute to the sustainable growth and prosperity for both our countries. The discussions held during the Mongolia Economic Forum have highlighted the immense potential for cooperation in these areas, while setting the foundation for stronger economic cooperation in the years ahead.”

The UAE Minister of State for Foreign Trade also met with Mongolia’s leading business executives to identify opportunities for private sector cooperation in fields such as logistics, mining and food production, where he promoted the UAE’s enabling business ecosystem and incentives such as the NextGenFDI programme that offer seamless market access for pioneering companies.

Additionally, Dr. Al Zeyoudi showcased the UAE’s leading industrial and special economic zones model through a panel discussion at the event titled “Trade Opportunities: Special Economic Zones”, where he joined members of Mongolia’s parliament and other regional stakeholders to build consensus on the effective utilisation of special economic zones to stimulate economic development.