In celebration of the 55th anniversary of diplomatic relations between Mongolia and Singapore, the two nations have reaffirmed their commitment to deepening economic and commercial ties through a high-level business forum held in Ulaanbaatar. The Mongolia-Singapore Business Relations, Connections and Cooperation Meeting brought together government officials, business leaders and entrepreneurs to explore new avenues for trade, investment and long-term partnership.
The forum featured participation from approximately 20 entrepreneurs representing eight Singaporean companies engaged in logistics, software development, language training, chemical engineering and industrial process development. Their Mongolian counterparts, more than 10 entrepreneurs from related fields, engaged in one-on-one B2B discussions, paving the way for direct collaboration and investment opportunities.
Opening the event, CEO of the Mongolian National Chamber of Commerce and Industry (MNCCI) B.Saruul highlighted Singapore’s global leadership in smart development, financial innovation and technology. “This meeting is not just a milestone in our diplomatic journey, but a meaningful step toward building sustainable, value-driven business networks that will foster innovation and mutual prosperity,” she said.
In a keynote address, Director of the Institute of Economic Research at the MNCCI O.Tumen-Amar spoke on “Challenges and Opportunities for Foreign Enterprises Entering Mongolia”. He emphasized the country’s growing market potential and strategic sectors for investment. Despite the modest trade volume, bilateral trade is showing promise. In 2024, Singapore exported 10.4 million USD worth of goods to Mongolia and imported 45 million USD, accounting for 0.2 percent of the country’s total trade turnover.
The two countries currently collaborate across several sectors, including mining, education and services, with growing emphasis on human resource development and capacity-building for civil servants. There are around 30 companies with Singaporean investment operating in Mongolia, particularly in trade, catering, geology, mining, banking and finance.
The event was jointly organized by the MNCCI, the Embassy of Mongolia in Singapore, the Singapore Business Association, and Enterprise Singapore, a government agency supporting Singaporean enterprises in overseas expansion. The meeting concluded with optimism about future economic cooperation, as both countries continue to build a modern and strategic partnership grounded in innovation and mutual growth.

Published Date:2025-06-18