First Meeting of the Kazakhstan-Mongolia Business Council Held in Ulaanbaatar

On October 8, the first meeting of the Kazakhstan-Mongolia Business Council took place in Ulaanbaatar as part of the state visit of the President of Kazakhstan, Kassym-Jomart Tokayev, to Mongolia. The event was also attended by Kazakhstan's Minister of Digital Development, Zhaslan Madiyev, Chairman of the Investment Committee of the Ministry of Foreign Affairs of Kazakhstan, Gabidulla Ospanqulov, Chairman of the Board of the Chamber of International Commerce of Kazakhstan, Murat Karimsakov, and Executive Director of the National Chamber of Commerce and Industry of Mongolia, Duuren Tumenjargal. As a result of the meeting, the heads of the chambers of commerce of both countries signed the Regulations for the operation of the Kazakhstan-Mongolia Business Council.

"This important event opens new prospects for cooperation. We see great potential in joint digital transformation, the development of an innovative ecosystem, satellite monitoring, and improving ICT infrastructure. Kazakhstan is ready to share its experience in the field of GovTech, supporting startups through 'Astana Hub,' as well as in creating telecommunications networks and digital services. Our goal is to create a strategic partnership that will strengthen economic ties and contribute to sustainable development," said Kazakhstan's Minister of Digital Development, Zhaslan Madiyev.

In turn, the Chairman of the Investment Committee of the Ministry of Foreign Affairs of Kazakhstan, Gabidulla Ospanqulov, highly appreciated the contribution of the Chamber of International Commerce of Kazakhstan and the Chamber of Commerce and Industry of Mongolia in developing trade and investment cooperation, as well as in creating a unique platform for experience exchange and strengthening ties between the two countries.

"Kazakhstan is making significant efforts to improve the investment climate, creating new opportunities to attract capital. Our government continues to reform legislation, simplify administrative procedures, and ensure investor protection. Moreover, we are actively developing infrastructure and offering tax incentives for foreign companies. All this makes our country an attractive platform for sustainable and long-term investments, including for our Mongolian partners," emphasized Gabidulla Ospanqulov.

It is worth noting that in 2023, trade turnover between Kazakhstan and Mongolia increased to $133 million, with exports amounting to $124.3 million and imports to $8.7 million. Kazakhstan's main exports include tobacco products, foodstuffs, as well as engines and machinery. In turn, Mongolia supplies Kazakhstan with railway wagons, building materials, meat, cashmere, and textile products.

This event is of special significance not only for our business circles but also for our countries as a whole. This was stated by the head of the Chamber of International Commerce of Kazakhstan, Murat Karimsakov.

"Today, on the day of the visit of the President of the Republic of Kazakhstan, Kassym-Jomart Kemelevich Tokayev, to Mongolia, we are starting a new phase of bilateral cooperation that opens up wide horizons for the development of our economies," said Murat Karimsakov during his speech.

The head of the Chamber of International Commerce of Kazakhstan also spoke about the activities of the National Chamber of Entrepreneurs "Atameken," which actively supports economic reforms in Kazakhstan, assists entrepreneurs, and attracts foreign investors. He emphasized the importance of the initiative to create the National Digital Investment Platform, designed for interaction with foreign investors and the development of new projects.

"The platform will feature the Register of Foreign Investors and a Pool of Investment Proposals by industries and regions. In this process, the Chamber of International Commerce of Kazakhstan plays a key role in helping enterprises attract investors and find external partners for business development," added the speaker.

The Chairman of the Chamber also highlighted the key role of the Chamber of International Commerce of Kazakhstan in the development of inter-chamber relations. In September of this year, the Kazakhstan-Mongolia Business Council was established, opening new opportunities for interaction and deepening economic cooperation between entrepreneurs of both countries. Special attention was given to priority areas of cooperation, including technology, joint investments in energy, agriculture, digitalization, and transport infrastructure.

"Mongolia and Kazakhstan are important trade hubs, and our cooperation within the framework of the Business Council will allow us to maximize the benefits of these unique advantages, which will not only strengthen economic ties but also increase our role in regional and global trade. Today symbolizes our commitment to deeper economic partnership between our countries. This concerns both large investment projects and small and medium-sized businesses, which are the foundation of economic growth and sustainable development," noted the head of the Chamber.

As an example of successful cooperation, Murat Karimsakov cited the activities of such Kazakh companies as Caspian Beverage Group and "Shin-Line," which are actively expanding their presence in the Mongolian market. He expressed confidence that the joint efforts of entrepreneurs would help achieve new heights and make cooperation more efficient and mutually beneficial.

Following the Business Council, Murat Karimsakov, Chairman of the Chamber of International Commerce of Kazakhstan, and Duuren Tumenzhargal, Chairman of the Mongolian Chamber of Commerce and Industry, signed the regulations for the Business Council. Additionally, representatives from both the Kazakh and Mongolian businesses signed four commercial agreements.

Thus, the Kazakhstan-Mongolia Business Council has become not only a platform for discussions but also a real tool for supporting businesses and implementing new initiatives.