Mongolia’s cashmere exports rise by 30 percent www.news.mn
Mongolian cashmere sector exports have increased by 30 percent since a new national programme was approved by parliament in 2018. According to Ch.Ulaan, Minister of Food, Agriculture and Light Inductries, more than 1600 jobs have been created in the cashmere sector since 2017 as production capacity has increased. Mongolia exported cashmere products worth USD 434, 7 million in 2019, which was an increase of 30 percent on 2017. As part of the initiative, Mongolia has also hosted an international cashmere forum which was attended by over 350 representatives from 17 countries.
Known simply as ‘Cashmere’, the national programme, helped 38 enterprises receive soft loans totaling MNT 296, 4 billion issued by Development Bank of Mongolia over a period form 2018-2019. In order to support sustainable revenue sources for herders, the ministry has been issuing MNT 300 billion loans with interest of 3 percent.
Currently, over 10 enterprises contracted with the ministry are buying cashmeres from herders and planning to purchase 2240 tonnes of raw materials from Dornod, Khentii and Sukhbaatar provinces of Mongolia.
The development of the cashmere sector is part of Mongolia’s drive to diversify from nation’s over dependence on the export coal, ore and other extracted products to China.
Published Date:2020-04-27