The UAE moving to enhance its economic relations with Mongolia

The UAE is moving to enhance its economic relations with Mongolia. Emirate’s Minister of Economy Abdullah bin Touq held a meeting with Sh.Odonbaatar, Ambassador Extraordinary and Plenipotentiary of Mongolia to the UAE, to explore opportunities to strengthen trade and economic co-operation between the two countries.

“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,” Mr bin Touq said.

During the meeting, the minister emphasised the UAE’s commitment to boosting its economic and trade partnership with Mongolia.

The UAE is Mongolia’s number one Arab and GCC trade partner as of 2021.

The non-oil trade between the two countries grew 119 per cent in the first quarter of 2022 compared with the same period in 2021. The UAE’s non-oil exports to Mongolia increased 81 per cent during the period, led by medical and pharmaceutical industry supplies, construction material, food products, petrol and mineral oil.

“The partnership further aims to boost private sector co-operation between the two sides by highlighting the available opportunities in our markets, exploring new collaboration mechanisms and facilitating the exchange of expertise,” Mr bin Touq said.

The minister’s discussions with the Mongolian official explored the UAE’s strategy to attract talent and competencies from all vital sectors and explained the country’s Comprehensive Economic Partnership Agreements (CEPA) model.