Thailand is gearing up to expand its trade relations with Mongolia, aiming to surpass the 100 million US dollar mark in trade value by 2027.
Following discussions with Amarsanaa Tumur, Mongolia’s Ambassador to Thailand, the Minister of Commerce, Phichai Naripthaphan, highlighted efforts to bolster economic cooperation through the Thailand-Mongolia Joint Trade Committee. This initiative aims to open new markets for Thai entrepreneurs, particularly in agriculture, to enhance future trade prospects.
Mongolia, with its burgeoning economy, is expected to see a 7% growth in GDP this year, presenting a promising market for Thailand. Thai products are gaining popularity among Mongolian consumers, with fresh fruits and seafood in high demand.
Additionally, canned and processed foods are emerging as potential export strengths for Thailand in the Mongolian market, where demand is on the rise.
Phichai has invited Mongolian businesspeople to participate in trade promotion activities organised by the Ministry of Commerce in 2025. Notable events include the THAIFEX-ANUGA ASIA in May and the Bangkok Gems & Jewelry Fair in February and September of the same year.
Moreover, Phichai urged Mongolia to facilitate Thai investors operating within its borders, who are currently engaged in diverse sectors such as coal mining, healthcare services, and solar energy industries.
Booming trade
Both nations are negotiating agreements to promote and protect investments and conventions to avoid double taxation and prevent fiscal evasion related to income taxes. These agreements, once finalised, are expected to foster a conducive environment and instil confidence among investors from both countries, said Phichai.
“This year marks the 50th anniversary of diplomatic relations between Thailand and Mongolia. I am pleased to announce that the Ministry of Commerce has appointed an honorary advisor for international trade in Mongolia and expressed Thailand’s readiness to host the Joint Trade Committee meeting early next year to push trade beyond US$100 million and investments to US$1.5 billion by 2027.
“We also support the establishment of the Thai-Mongolian Chamber of Commerce as proposed by Mongolia to create a business network between entrepreneurs and investors from both sides.”
In the current year, trade between Thailand and Mongolia has reached US$88 million. Thailand’s exports to Mongolia amount to US$21 million, with key products including paper and paper products, beverages, vehicles, automotive parts and components, and sugar.
Meanwhile, imports from Mongolia stand at US$67 million, comprising significant items like other metal ores, metal scrap, mineral water, soft drinks, alcoholic beverages, and vehicle parts and accessories.
The strategic dialogues and bilateral efforts underscore a mutual commitment to deepening economic ties, leveraging each other’s strengths, and exploring new avenues of growth. As Thailand and Mongolia commemorate half a century of diplomatic engagement, their collaborative ventures signal a promising trajectory for future economic partnerships, reported KhaoSod.
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