Russian and Mongolian officials discuss development of Altanbulag free trade zone
The Ministry of Foreign Affairs, the Office of the Deputy Prime Minister, and Russian Trade Representative Office in Mongolia held a meeting about improving the operation of Altanbulag free trade zone on April 16.
A number of delegates including representatives from the Russian Chamber of Commerce and Industry, Russian diplomats working in Mongolia, and trade and economic authorities of Irkutsk, Buryatia, and the Far East, and Mongolian representatives from the ministries of foreign affairs, and construction and urban development, the National Chamber of Commerce and Industry, and state authorities of border control and customs participated in the meeting to discuss trade opportunities through the free trade zone, challenges and upcoming activities to improve the trade zone’s operation.
During the meeting, the sides discussed opportunities the free trade zone offers to investors. Mayor of Selenge Province B. Narantuya introduced investment opportunities in the province and its development plan under the free trade zone to the Russian delegates.
The Mongolian representatives introduced the importance of building international highway and railway linking Europe and Asia through Altanbulag free trade zone to the Russian officials, and underlined that as goods made at the free trade zone will be exported to the European Union and Japan markets under favorable market conditions, investing in this zone will be beneficial.
The Mongolian officials asked the Russian delegates to collaborate with them in increasing the capacity of Russia’s Khyagta border checking point to improve trade turnover and operation of Altanbulag free trade zone or opening a new Russia’s border crossing point to Mongolia, and establishing a Russia-Mongolia trade and logistics center in Altanbulag.
The Russian officials supported the proposals, and agreed to cooperate with Mongolia to strengthen trade and economic cooperation between the two countries through the free trade zone.