Daily Business News Mongolia

In framework of the visit of Mr. N.Nazarbayev, President of Kazakhstan, businessmen of two countries hold a meeting. The meeting was launched by the Chairman of MCCI and Deputy Chairman of MCCI of Kazakhstan. During the meeting, the two signed on agreement on forming Business Council and afterwards, businessmen held meetings without officials and media. The importance of the meeting is to extend bilateral foreign trade collaborations and upgrade economic-business relations to a new level.

Bilateral economic and business relations were tied in 1997. As of today, Kazakhstan exports petroleum products, wheat and flour, whilst Mongolia does meat, meat products and wool. During business meeting, Mongolia proposed to cooperate in petroleum processing and agricultural technology and equipment utilization. Kazakhstan expressed interests on importing wool, cashmere and carpet. There were businessmen, interested in investing Mongolia.

T.B.Nurashev, Chairman of Investment Committee, Ministry of Trade and Industry of Kazakhstan noted, “It’s said that Mongolia aims to rank among the first ten in Asia in terms of its development performances by 2015. In order to do so, it must pay close attention on foreign investment.” In addition, A.Alpamysov, representative of governing board of Kazyna Capital Management proposed to establish Mongolia-Kazakhstan foundation, which will have financing of USD 100 million, of which 80 percent shall be created by Kazakhstan and 20 percent by Mongolia. With this fund, it would be possible to carry out numerous projects in Mongolia. Tsagaan nuur free trade zone was proposed to Kazakhstan by Mongolian side. It would be close to Kazakhstan, have fewer tariffs and employ a lot of favorable business conditions which Kazakhstan businessmen favored.

Number of issues and proposals of mutual benefits were discussed during the visit of the President of Kazakhstan N.Nazarbayaev.

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