Prime Minister Zandanshatar Gombojav met with representatives of the wool, cashmere, and banking sectors on March 2 to discuss measures aimed at supporting exports and improving financing conditions.

During the meeting, the Prime Minister exchanged views with officials of the Bank of Mongolia and commercial banks on enhancing access to loans. He also addressed concerns raised by businesses in the wool and cashmere sector regarding stringent requirements for repaying previous loans before becoming eligible for new financing.

Representatives of the banking sector expressed their commitment to cooperating with and supporting exporters. They noted that the non-performing loan ratio has declined to 4.6 percent, marking its lowest level in the past 15 years. Governor of the Bank of Mongolia, Narantsogt Sanjaa stated that the possibility of issuing loans secured by reserved raw materials and major investment agreements, as well as introducing new financing products, will be studied.

At the conclusion of the meeting, the Ministry of Food, Agriculture and Light Industry was instructed to provide policy support for deep processing and spinning projects, facilitate businesses’ participation in major international exhibitions, and establish a unified wool and cashmere product sales center in the capital city.

It was also decided to organize a cashmere auction in Sukhbaatar aimag on March 21. The sector’s ministry has established a working group to oversee the preparations. In addition, the Ministry of Finance was tasked with studying and developing proposals on tax policy support measures.

In 2025, Mongolia exported 4,000 tonnes of combed cashmere, a 5.7-fold increase, generating USD 335 million in revenue.Of the country’s 6.8 percent economic growth in 2025, the agriculture sector accounted for 40 percent, driven largely by wool and cashmere exports.

The sector’s representatives believe that production capacity and export could be increased if support measures are provided, such as improving access to loans, including businesses in export promotion programs, and issuing loans secured by purchased raw materials and export contracts.  

Published Date:2026-03-03