Kazakhstan, Mongolia Weigh Expanding Economic Cooperation

(MENAFN- Trend News Agency) ASTANA, Kazakhstan, September 5 . Deputy Minister of Foreign Affairs of the Republic of Kazakhstan Alibek Kuantyrov and Chairman of the Investment Committee of the Ministry of Foreign Affairs of Kazakhstan Gabidulla Ospankulov held a meeting with Dashzegviin Amarbayasgalan, Chairman of the State Great Khural of Mongolia, along with members of the Mongolian parliamentary and business delegation, Trend reports via Kazakh Invest.

The parties discussed the current state and prospects for bilateral cooperation in investment and trade-economic sectors. Special attention was given to the exchange of experience in attracting investments and creating favorable conditions for implementing joint projects.

During the talks, both Kazakhstan and Mongolia expressed interest in developing joint initiatives in trade, transport and logistics infrastructure, industry, and agriculture. Opportunities for localizing production, creating new cooperation chains, and expanding collaboration in digitalization were also considered.

"Today's meeting is an important step toward deepening economic and investment cooperation between Kazakhstan and Mongolia. We see significant potential for expanding partnerships in non-commodity sectors of the economy and are ready to provide full support to investors. At the same time, a number of Kazakhstani companies are also showing interest in entering the Mongolian market by launching production and organizing trade," said Kuantyrov.

"Mongolia aims to more actively attract investors from Kazakhstan, as our countries have complementary capabilities for the successful implementation of joint projects in agriculture, trade, and industry," Amarbayasgalan emphasized.

"The heads of state from our respective nations have established a strategic objective-to elevate the bilateral trade volume to $500 million," he stated.

Chairman of the Investment Committee of the Ministry of Foreign Affairs Gabidulla Ospankulov delivered a report in which he outlined Kazakhstan's investment attraction system. He noted that the country operates a three-tier model of investor support based on the "one-stop shop" principle, a targeted approach to attracting large foreign companies, and an“investment request” mechanism that allows projects to be shaped in accordance with regional and sectoral development priorities.

The meeting concluded with a Q&A session. Members of the Mongolian delegation expressed interest in the specifics of Kazakhstan's national investment attraction system, asking questions about the one-stop shop model, the investment request mechanism, and practical tools for project support. The Kazakh representatives shared their experience in forming target investor lists, reducing administrative barriers, and organizing inter-agency cooperation.

Currently, trade turnover between the two countries shows steady growth, reaching $123.9 million in 2024. During recent visits by heads of state and parliamentary delegations, the high level of bilateral political dialogue and inter-parliamentary cooperation was reaffirmed.

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