First Meeting of the Kazakhstan-Mongolian Business Council Held in Ulaanbaatar

First Meeting of the Kazakhstan-Mongolian Business Council Held in Ulaanbaatar

On October 28 this year, as part of the state visit of President of the Republic of Kazakhstan Kassym-Jomart Tokayev to Mongolia, the First meeting of the Kazakhstan-Mongolian Business Council was held in Ulaanbaatar with the participation of Minister of Digital Development of the Republic of Kazakhstan Zhaslan Madiyev, Chairman of the Investment Committee of the Ministry of Foreign Affairs of the Republic of Kazakhstan Gabidulla Ospankulov and representatives of the business community of the two countries.

Speaking at the meeting, G. Ospankulov informed the participants about Kazakhstan's investment potential, mechanisms for attracting investments, and measures of state support.

"Kazakhstan is making significant efforts to improve the investment climate, which creates new opportunities for attracting capital. Our Government continues to reform legislation, simplify administrative procedures, and ensure investor protection. In addition, we are actively developing infrastructure and offering tax incentives to foreign companies. All this makes our country an attractive platform for sustainable and long–term investments, including for our Mongolian partners," the Chairman of the Committee stressed.

Following the results of the Business Council, Murat Karimsakov, Chairman of the Board of the Foreign Trade Chamber of the Republic of Kazakhstan, and Duuren Tumenjargal, Chairman of the Chamber of Commerce and Industry of Mongolia, signed a Regulation on the Business Council. In addition, representatives of Kazakh and Mongolian businesses signed four commercial agreements.

The event became a unique platform for developing trade and investment cooperation, exchanging experiences, and strengthening ties between countries.

For reference:

In 2023, the trade turnover between Kazakhstan and Mongolia increased to $133 million, with exports amounting to $124.3 million and imports to $8.7 million. Kazakhstan's main exports include tobacco products and food, as well as engines and engineering products. Mongolia supplies Kazakhstan with railway wagons, building materials, meat, cashmere, and textile products.

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