Thailand promises closer ties with Mongolia

Mr Tumar, left, paid a courtesy visit to Mr Jurin to discuss ways to improve bilateral trade and investment, with the aim of reaching a trade target of 3.1 billion baht by now 2023.

The government is committed to boosting bilateral trade between Thailand and Mongolia to reach 100 million US dollars (3.1 billion baht) by 2023.

Trade Minister Jurin Laksanawisit said Thursday after a meeting with Tumar Amarsanaa, Mongolian Ambassador to Thailand, the two sides discussed ways to revitalize economic relations and explored how to strengthen bilateral trade between the two countries.

It was the first meeting between a Thai Minister of Commerce and a Mongolian Ambassador to Thailand since the establishment of the Mongolian Embassy in Bangkok in 2000.

Jurin said Thailand and Mongolia are working on a five-year cooperation plan (2019-2023) to serve as a mechanism to expand bilateral trade and investment, as well as to strengthen Thai-Mongolian cooperation in a more tangible way. .

As part of the plan, the two sides have set a goal of increasing bilateral trade to $ 100 million by 2023.

During the meeting, Jurin focused on increasing rice and rubber exports to Mongolia and reaffirmed Thailand’s important role in food security in the region and its willingness to serve as a reliable source of food for Mongolia, especially high quality agricultural and food products.

In addition, he was optimistic that Thailand would become the destination of choice for Mongolian medical tourists after the pandemic.

During the pandemic, Jurin said Thailand’s trade promotion activities have adapted to a digital approach.

The ministry has carried out various online activities such as online business matchmaking and virtual trade fairs.

Specifically, Thaifex-Anuga Asia 2021 – Asia’s premier food fair of interest to the Mongolian business community in Thailand – is expected to go live later this month.

At the meeting, Tumar reiterated his support for the establishment of a mechanism for the two sides to promote bilateral trade and investment, which is expected to boost economic growth and increase trade value between the two. country.

Mongolia is Thailand’s sixth largest trading partner in East Asia and the 126th largest trading partner in the world.

The average annual trade value between Thailand and Mongolia over the past five years is $ 49.8 million.

In 2020, Thailand’s total trade with Mongolia was $ 36.8 million, with potential export products: paper, automotive products, and rubber.

The main imports from Mongolia are metal ores, scrap and scrap metal products, animals and animal products, and other textiles.

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