The UAE’s Minister of Economy has held talks with the Ambassador of Mongolia to the UAE to look at opportunities to bolster trade and economic cooperation between both countries.

The meeting between Economy Minister, Abdullah bin Touq Al Marri and Odonbaatar Shijeekhuu, Ambassador Extraordinary and Plenipotentiary of Mongolia to the UAE, took place at the Ministry's headquarters in Dubai.

Al Marri stressed the UAE’s commitment to strengthening its economic and trade relationship with Mongolia, to support both nations’ development plans and their sustainable economic growth, Zawya reports.

The Minister of Economy stated: “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 interest. The partnership further aims to boost private sector cooperation between the two sides by highlighting the available opportunities in our markets, exploring new collaboration mechanisms and facilitating the exchange of expertise.”

He also analysed the UAE’s strategy to attract talent within all sectors, including the country’s attractive business environment, advanced infrastructure, recently implemented flexible legislation and incentives offered to businesses to encourage foreign direct investment.

Talks also involved the UAE’s Comprehensive Economic Partnership Agreements, with three signed up to now with India, Indonesia, and Israel. The UAE is aiming to boost its partnerships via these agreements to reach strategic global markets.

Furthermore, as of last year, the UAE is Mongolia’s top Arab and GCC trade partner, with non-oil trade registering 119% growth in Q1 compared to the same quarter in 2021. During this time, there was 81% growth in the UAE’s non-oil exports to Mongolia, fuelled by construction materials and medical and pharmaceutical industry supplies, amongst others.