Mongolia will export cooking oil for the first time, as a rapeseed oil factory in the northern Mongolian province of Selenge has signed an agreement on exporting rapeseed oil.

The factory named “Selenge” on Tuesday signed the agreement with Dansuk Industrial Co., Ltd. of South Korea.

The factory, which has an annual capacity of producing at least 30,000 tons of rapeseed oil, is expected to export 800 tons of rapeseed oil to South Korea in the first stage.

By further increasing its capacity, the factory aims to export oil to other countries, including China.

Mongolia has set a goal to fully meet the domestic demand for basic food products and to become a food exporter in order to diversify its heavily mining-dependent economy, according to the country’s ministry of food and agriculture.