H.E. Abdulla Bin Touq Al Marri, Minister of Economy, held a meeting with Odonbaatar Shijeekhuu, Ambassador Extraordinary and Plenipotentiary of Mongolia to the UAE, to explore opportunities to strengthen trade and economic cooperation between the two countries. The meeting took place at the Ministry’s headquarters in Dubai.

During the meeting, the Minister of Economy emphasized the UAE’s commitment to solidify its economic and trade partnership with Mongolia, in fields of shared interest in a way that supports both countries’ developmental agendas as well as their sustainable economic growth.

H.E. Bin Touq said: “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. 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.”

Furthermore, H.E. reviewed the UAE’s ambitious strategy to attract talent and competencies from all vital sectors, in addition to its advanced infrastructure, attractive business environment, and the recently issued flexible legislations, as well as the incentives offered to companies to encourage FDI in the country’s promising market. The discussions also shed light 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 expand its 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.

The UAE is Mongolia’s number one Arab and GCC trade partner as of 2021. The non-oil trade between the two countries witnessed a 119 per cent growth in Q1 2022 compared to the same period in 2021. During this period, the UAE’s non-oil exports to Mongolia saw an 81 per cent growth, led by medical and pharmaceutical industry supplies, construction materials, and food materials such as tea, petrol, and mineral oil.