The UAE Ministry of Economy and Mongolia have explored opportunities to strengthen trade and economic cooperation between the two countries.
The discussion was held between Mr. Abdullah bin Touq Al Marri, Minister of Economy and Odonbaatar Shijeekhuu, Ambassador Extraordinary and Plenipotentiary of Mongolia to the UAE, at the Ministry’s headquarters in Dubai.
During the meeting, Mr. Al Marri emphasized the UAE’s commitment to cement its economic and trade partnership with Mongolia in fields of common interest to support both countries’ developmental agendas as well as their sustainable economic growth.
Abdulla bin Touq Al Marri UAE Minister of Economy
“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, and food security, apart from other strategic areas of shared interest. The partnership further aims to boost private sector cooperation between the two sides by highlighting the available opportunities in our markets, exploring new collaboration mechanisms and facilitating the exchange of expertise.”
Mr. Al Marri also reviewed the UAE’s ambitious strategy to attract talent and competencies from all vital sectors, in addition to its advanced infrastructure, attractive business environment, the recently issued flexible legislations, and the incentives offered to companies to encourage FDI in the country’s promising market.
The discussions also gave insight on the Comprehensive Economic Partnership Agreements (CEPA) model pursued by the UAE, through which the country has signed three agreements so far with India, Indonesia, and Israel. Through these agreements, the UAE aims to broaden its bilateral partnerships to reach strategic global markets, in line with the Principles of the 50 and the UAE Centennial 2071 goals to build a highly competitive national economy based on knowledge and innovation.
As of 2021, the UAE is Mongolia’s top trading partner in the GCC and Arab world. When compared to the same period in 2021, non-oil trade between the two countries increased by 119 percent in Q1 2022. During this period, the UAE’s non-oil exports to Mongolia saw an 81 percent growth, led by medical and pharmaceutical industry supplies, construction materials, food materials such as tea and petrol and mineral oil.
