81% growth in UAE exports to Mongolia during 2021
The UAE is Mongolia's first Gulf and Arab trading partner
The Minister of Economy discussed with the Commissioner of Mongolia to the UAE the promotion of economic and trade cooperation.
From the source
The Minister of Economy, Abdullah bin Touq Al-Marri, discussed ways to enhance the frameworks of joint economic and trade cooperation with Mongolia, and develop it towards more prosperous prospects, at a time when the UAE is the first commercial partner for Mongolia's trade with Arab countries and the Gulf Cooperation Council countries during 2021.
During his reception at the Ministry's headquarters in Dubai, the Ambassador Extraordinary and Plenipotentiary of Mongolia to the UAE, Odonbatar Shigekho, stressed the UAE's keenness to strengthen its economic and trade partnership with Mongolia in the sectors of joint cooperation, to ensure the achievement of the development agenda of both countries and sustainable economic growth.
Al-Marri said: “Mongolia is one of the promising markets and we are looking forward to increasing trade exchange and expanding investment partnerships between the two countries, especially in the sectors of tourism, air transport, logistics services, agricultural and animal foodstuffs trade, food security, and other strategic sectors of common interest, as well as On enhancing cooperation between the business sectors in the two countries, introducing them to the opportunities available in their markets, and establishing new mechanisms for cooperation and exchange of experiences between the two sides.
The Minister of Economy reviewed the UAE's ambitious strategy to attract talent and competencies in vital sectors, as well as the state's highly developed infrastructure, and the business environment that attracts investment, in addition to the flexible laws and legislation recently introduced by the state, and the incentives and benefits offered 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.
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 UAE and Mongolia witnessed a growth of 119% during the first quarter of 2022 compared to the same period in 2021.
In turn, the UAE's non-oil exports to Mongolia witnessed a growth of 81% in 2021 compared to 2020, and focused on the medical and pharmaceutical industries, building materials, and foodstuffs, most notably: tea, petroleum and mineral oils.
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