Minister of Economy Abdullah bin Touq Al Marri has held a meeting with Ambassador Extraordinary and Plenipotentiary of Mongolia to the UAE Odonbaatar Shijeekhuu to strengthen trade and economic cooperation between the two countries.
During the meeting, at the ministry’s headquarters in Dubai, Al Marri emphasized the UAE’s commitment to solidifying its economic and trade partnership with Mongolia to support both countries’ developmental agendas as well as their sustainable economic growth.
Al Marri 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, food security, apart from other strategic areas of shared interests.”
He said, “The partnership aims to enhance private sector cooperation between the two sides by highlighting available opportunities in our markets, exploring new collaboration mechanisms and facilitating the exchange of expertise.”
Al Marri reviewed the UAE’s strategy to attract talent from all vital sectors, in addition to its advanced infrastructure, attractive business environment, the recent flexible legislations and the incentives offered to companies to encourage FDI in the country’s promising market.
The discussions 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 percent 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 percent growth, led by medical and pharmaceutical industry supplies, construction materials, food materials such as tea and petrol and mineral oil.