Singapore-Mongolia Business Dialogue sets the pace for robust bilateral trade between the two countries
- Positive turnout at Singapore-Mongolia business dialogue signals enthusiasm for collaboration between the two business communities.
- Close to 50 companies took part in the six business matching sessions spanning industries from Energy and Infrastructure to Tourism and Hospitality.
Organised by the Singapore Business Federation (SBF), in collaboration with the Embassy of Mongolia in Singapore, the business dialogue serves as a platform for businesses from both countries to understand the investment climate and opportunities in the respective countries. It is the first such dialogue since the Mongolia-Singapore Business Forum in 2015.
It is very pertinent and timely that the business dialogue is being held during the Minister for Foreign Affairs of Mongolia Damdin Tsogtbaatar’s official visit to Singapore. The Singapore-Mongolia Business Dialogue was organised in conjunction with a visiting delegation of close to 30 Mongolian enterprises, led by the Mongolian National Chamber of Commerce & Industries (MNCCI) and the Business Council of Mongolia (BCM). The delegation included government officials from the Ministry of Foreign Affairs, Mongolia, senior management representatives across various sectors including education, fintech, tourism and hospitality, construction and real estate as well as energy and infrastructure.
The positive response to the dialogue signals the high level of interest of the Singapore business community in opportunities for collaboration with their Mongolian counterparts, SBF Chief Executive Officer Mr Ho Meng Kit noted.
“Singapore is one of Mongolia’s largest trading partners in ASEAN. There remains much potential for deeper collaboration across a variety of sectors between the two countries, particularly in education, tourism & hospitality and financial services. Additionally, the information technology, real estate and manufacturing sectors are potential high-growth areas for businesses in both countries to explore further,” Mr Ho added.
According to the Embassy of Mongolia, Singapore's cumulative direct investment in Mongolia was USD 29.4million as at first quarter of 2019, making Singapore one of Mongolia’s biggest investors. The two countries enjoy increasing trade turnover in sectors such as logistics, tourism, education, food processing, manufacturing and others. According to the Embassy of Mongolia in Singapore, the number of Singapore companies investing in Mongolia has also been on the rise.
Among the companies that have invested in Mongolia is Singapore-based fintech start-up, AND Global. In 2016, the company launched a smartphone-based personal loan platform LendMN in Mongolia. Another company, Beyond Expedition Singapore, which specialises in tours between Mongolia and Ladakh, India, is collaborating with Mongolian agency partners to organise expeditions into the Mongolian outback, so that tourists can experience first-hand the culture and lifestyle of the Mongolian nomads.
“While Mongolia is an attractive investment destination for Singapore businesses, we also hope to see more Mongolian businesses set up here. With our network of FTAs and knowledge of regional markets, Singapore is a good base for Mongolian firms looking penetrate third-party markets in Southeast Asia and the wider South Asia region,” says Mr Ho.
In his keynote speech, His Excellency Damdin Tsogtbaatar, Mongolia’s Minister for Foreign Affairs, provided an overview of the current foreign investment business environment in Mongolia, while Ambassador Extraordinary and Plenipotentiary of Mongolia to the Republic of Singapore, His Excellency Mr Tumur Lkhagvadorj expressed optimism at further enhancing bilateral relations.
Mr Lkhagvadorj said, “The Singapore-Mongolia Business Dialogue is a valuable platform, not only to provide a better understanding of our country’s current investment climate and opportunities, but it is also an official gesture of commitment to wider bilateral exchange with Singapore, covering trade, culture and human capital.”
Close to 50 companies took part in the business matching sessions, spanning industries such Energy and Infrastructure; Fintech and Finance; Education and Advisory Services; Trade Business; Real Estate as well as Tourism and Hospitality.
The Singapore-Mongolia Business Dialogue is supported by Enterprise Singapore (ESG), Mongolian National Chamber of Commerce & Industry (MNCCI), Singapore Manufacturing Federation (SMF) and the Business Council of Mongolia (BCM).