Kazakhstan and Mongolia Push for Investment Opportunities and Enhance Parlimentary Collaboration

Kazakhstan and Mongolia have taken a significant step forward in strengthening their bilateral relationship, as high-level officials from both countries met in Astana on September 4 to discuss investment and trade partnerships.

The meeting, which was reported by the Ministry of Foreign Affairs press service, saw Kazakhstan and Mongolia agreeing to enhance cooperation within international forums, including the Inter-Parliamentary Union and the OSCE Parliamentary Assembly. The talks focused on strengthening bilateral cooperation in trade, investment, and economic development.

During the meeting, Kazakhstan presented its three-tier investor support model, which includes a mechanism to attract major international companies. This move is aligned with Kazakhstan's ongoing democratic transformations since 2022. The Mongolian delegation, led by Dashzegviin Amarbayasgalan, Chairman of the State Great Khural of Mongolia, was also briefed on the model, which includes an investment request system designed to align projects with regional and sectoral priorities.

The talks also highlighted the potential for cooperation in non-resource sectors, with Kazakhstan seeing significant opportunities to expand partnerships with Mongolia. In this regard, several Kazakh companies are exploring opportunities to enter the Mongolian market through production and trade.

Mongolia, on the other hand, emphasized its commitment to enhancing economic ties, with the aim to increase bilateral trade volume to $500 million in the coming years. To boost parliamentary engagement, the sides agreed to strengthen the work of friendship groups.

In a bid to further solidify the relationship, an agreement was signed to establish brotherhood relations between East Kazakhstan Region and Mongolia's Khovd Province, opening new opportunities for cross-border cooperation.

However, no specific production or trade agreements related to this meeting were mentioned in the article. The Mongolian minister who participated in the upgrade of economic and investment cooperation between Kazakhstan and Mongolia also highlighted the importance of sharing experience in attracting foreign capital and creating favorable conditions for joint projects.

Koshanov, Chairman of Mazhilis, also noted similarities in political reforms, pointing out that Mongolia's recent parliamentary elections adopted a mixed electoral system, bringing five parties into parliament for the first time.

Both parties signed a memorandum of cooperation between the Mazhilis and the State Great Khural to enhance political, trade, scientific and cultural ties, as well as collaboration in innovation and digitalization. The meeting aims to pave the way for a more robust and mutually beneficial relationship between Kazakhstan and Mongolia.

Kazakhstan and Mongolia Push for Investment Opportunities and Enhance Parlimentary Collaboration