Uzbekistan and Mongolia target $100 million in annual trade following Tashkent forum

The delegations were led by Uzbekistan’s Deputy Minister of Investment, Industry and Trade, Ilzat Kasimov, alongside Mongolia’s Ambassador Extraordinary and Plenipotentiary to Uzbekistan, Dadanhuu Batbaatar, and Mongolian Member of Parliament, Sukhbaatar Erdenebat.

Officials noted a 15.6% surge in Uzbek exports to Mongolia during the first quarter of this year, setting an ambitious target to increase annual bilateral trade turnover to $100 million.

Industrial cooperation took center stage, with a particular focus on processing Mongolian wool and cashmere in Uzbekistan for subsequent export. In the agricultural sector, the two sides agreed to expand the population of Mongolian sheep in Uzbekistan to 1 million head by 2029, while also introducing Uzbek irrigation technologies in Mongolia.

In the geology sector, the representative office of Uzbekistan’s Ministry of Mining Industry and Geology in Ulaanbaatar has already commenced work on the development of local mineral deposits.

A series of B2B and G2B negotiations involving companies such as Suzur Health Med, Prime Nomadic Meat, and Tsamkhag Construction culminated in a package of investment agreements. The forum concluded with the establishment of a permanent follow–up mechanism to oversee the progress of these joint initiatives.