Bilateral trade turnover between Mongolia and the Republic of Korea reached USD 200 million in 2017, which was estimated barely at USD 2.7 million in 1990.

It was emphasized by President of the Mongolian National Chamber of Commerce and Industry (MNCCI) B.Lkhagvajav during his meeting with delegates of the Daegu Chamber of Commerce and Industry of Korea on September 4.

While introducing about activities of the MNCCI, Mongolia’s economy and business environment to the delegation, he cited about successful fulfillment of Economic Partnership Agreement (EPA) established between Mongolia and Japan two years ago, adding that the MNCCI is playing an important role to Mongolia-South Korea Free Trade Agreement (FTA).

“The talk on establishing bilateral EPA between Mongolia and RoK, commenced in 2016, is similar to FTA and by establishing it, there will be a possibility to strengthen bilateral cooperation of industry and investment fields. Currently, bilateral FTA is at the level of study. Trade turnover between the two countries reached USD200 million in 2017, which was estimated barely at USD 2.7 million in 1990,” B.Lkhagvajav said. 

The Director of Business Supporting Department of the Daegu Chamber of Commerce and Industry introduced  about the chamber and requested the MNCCI to support representatives of Daegu city to cooperate with Mongolian businesses and to improve collaboration.

Souce: Montsame.mn