The Minister of Economy discusses strengthening economic and trade cooperation relations with Mongolia
His Excellency Abdullah bin Touq Al Marri, Minister of Economy, discussed ways to enhance the frameworks of joint economic and commercial cooperation with Mongolia and develop it towards more prosperous prospects.
This came during his reception at the Ministry's headquarters in Dubai, His Excellency Odonbatar Shigekho, Ambassador Extraordinary and Plenipotentiary of Mongolia to the United Arab Emirates.
His Excellency Abdullah bin Touq Al Marri affirmed the UAE’s keenness to strengthen its economic and trade partnership with the friendly Republic of Mongolia in the sectors of joint cooperation to ensure the achievement of the development agenda of both countries and the sustainable growth of their economies.
His Excellency said: "Mongolia is one of the promising markets, and we look forward to increasing trade exchange and expanding investment partnerships between the two countries, especially in the sectors of tourism, air transport, logistics, trade in agricultural and animal foodstuffs, food security and other strategic sectors of common interest, and enhancing cooperation between the business sectors of the two countries." Introducing them to the opportunities available in their markets, and creating new mechanisms for cooperation and exchange of experiences between the two sides.
His Excellency bin Touq reviewed the UAE's ambitious strategy to attract talent and competencies in all vital sectors, as well as the highly developed infrastructure it possesses, and the business environment that attracts investment, in addition to the flexible laws and legislations recently introduced by the state, and the incentives and benefits provided to companies in order to attract them to the promising UAE market. Rich in opportunities, and the Comprehensive Economic Partnership Agreements Program, in light of which the country signed three agreements with India, Indonesia, and Israel, and through which it aims to expand the base of its partnerships with a number of global strategic markets, in line with the goals and principles of the fifty and the determinants of the UAE Centennial 2071, which aims to Building a national economy based on knowledge and innovation, and enhancing its global competitiveness.
The UAE is the first trading partner for Mongolia's trade with Arab countries and the Gulf Cooperation Council countries during 2021. The volume of non-oil trade exchange between the United Arab Emirates and Mongolia witnessed a growth of 119% during the first quarter of 2022 compared to the same period in 2021. While the UAE's non-oil exports to Mongolia witnessed a growth of 81% in 2021 compared to 2020, as they focused on the medical and pharmaceutical industries, building materials, and foodstuffs, most notably tea, petroleum and mineral oils.
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