IFC to explore growth potential of Mongolia’s cashmere sector
The International Finance Corporation (IFC), a member of the World Bank Group, is preparing to launch a study to assess the business environment of Mongolia’s cashmere industry, to attract both foreign and domestic investment, and foster private sector growth, MONTSAME reports.
This study, to be implemented by the IFC, is crucial for delivering a detailed analysis of the cashmere industry, enhancing its competitiveness, and laying the groundwork for increased foreign and domestic investment. As part of the study, IFC economist Javier Gomez, senior specialist at the Mongolian representative office Jigjidmaa Dugeree, and national consultant Vandandorj Sumiya worked with the Ministry of Agriculture, Food, and Light Industry (MOFALI) to gather information on the government’s policy direction in the cashmere sector.
The meeting was attended by Bolorchuluun Tsendgombo, Head of the Policy and Planning Department at the MOFALI, and relevant officials presented the policies and activities being implemented to support the development of the cashmere sector.
According to statistics, Mongolia produces approximately 8,500 tons of cashmere annually. Mongolian cashmere is recognized as one of the finest in the world due to its texture, purity, softness, durability, and flexibility. It is also considered an organic product, as it is naturally grazed without exposure to chemicals.
As reported previously, enterprises of the Kyrgyz Republic have expressed interest in importing all types of livestock meat from Mongolia and developing long-term cooperation.
