Tashkent, Uzbekistan (UzDaily.com) -- On 24 June, as part of the state visit of Mongolian President Khurelsukh Ukhaa to Uzbekistan, the Uzbek-Mongolian Business Forum took place in Tashkent. The event was attended by Laziz Kudratov, Minister of Investments, Industry, and Trade of the Republic of Uzbekistan.

The forum also gathered leaders of ministries and agencies, industry associations, and more than 150 representatives of major companies from both countries.

Participants discussed prospective directions for further enhancing trade and economic cooperation, such as mining, agriculture, construction materials production, medicine, pharmaceuticals, food products, and the development of the banking sector.

In 2023, Mongolia’s GDP reached US$18.5 billion, with an economic growth rate of approximately 7%. The country’s foreign trade turnover amounted to US$24.4 billion. Mongolia is rich in natural resources such as gold, silver, iron, coal, copper, molybdenum, tungsten, tin, nickel, zinc, and fluorspar.

Promising projects were highlighted at the forum, including the joint development of new deposits of rare metals and basalt, as well as the establishment of joint livestock and agro-clusters for future product exports.

During the event, bilateral documents were signed in the fields of healthcare, construction materials production, automotive industry, and agriculture.

In B2B and G2B formats, representatives from the business circles of Uzbekistan and Mongolia were able to establish new contacts and discuss practical aspects and plans for implementing joint initiatives.