Kazakhstan-Mongolia ties strengthened with bold economic goals
Kazakhstan and Mongolia aim to significantly scale up trade and economic cooperation, with both sides targeting a fivefold increase in bilateral trade, officials said at the Kazakhstan-Mongolia Business Forum, reports a Qazinform News Agency correspondent.
Deputy Prime Minister and Minister of National Economy Serik Zhumangarin noted that trade turnover rose by 7% last year, reaching $133 million.
“We need to actively expand trade and economic ties… In the near future, we intend to increase mutual trade to $500 million,” he said, emphasizing plans to diversify exports and broaden the range of traded goods.
Zhumangarin highlighted that a temporary trade agreement between the Eurasian Economic Union and Mongolia will serve as a key driver of growth.
“We consider this document an effective instrument that opens the way for expanding trade and economic ties, developing industrial cooperation, and implementing joint initiatives,” he said.
He also pointed to growing transport connectivity, including regular Almaty–Ulaanbaatar flights and plans to launch a new Astana–Ulaanbaatar route, which is expected to boost business, tourism, and people-to-people ties.
Mongolia’s First Deputy Prime Minister and Minister of Economy and Development J. Enkhbayar underscored the strategic importance of Kazakhstan as a regional partner.
“We view Kazakhstan as a reliable bridge connecting Mongolia with Central Asia,” he said, adding that bilateral ties have strengthened following high-level visits and the signing of 10 agreements in 2024.
He noted that the temporary trade agreement with the EAEU, signed in 2025, covers 367 product categories, with 97.5% consisting of agricultural and livestock goods, creating favorable conditions for expanding exports.
“In this regard, I call on the business communities of our countries to fully utilize the opportunities… and actively cooperate to develop joint production, investments, and supply chains,” Enkhbayar said.
President of the Mongolian National Chamber of Commerce and Industry B. Lkhagvajav highlighted sustained growth in trade, with average export growth exceeding 20% in recent years.
He added that 17 agreements are expected to be signed during the forum, reflecting strong business interest.
“We are confident that this agreement will become an important stimulus for increasing trade and investment… and achieving the goal of $500 million in trade turnover,” he said.
Earlier, it was reported that the Head of State, Kassym-Jomart Tokayev, had welcomed his Mongolian counterpart Khurelsukh Ukhnaa in Akorda.