Submitted by MONTSAME on

With its Steppe Road initiative Mongolia has joined the Russia-China joint initiative on liberalization of trade. Mongolia is fully capable of opening a transit line connecting Asia and Europe.
The first investor’s forum of Mongolia, Russia and China, held last Saturday in Altanbulag at the junction point of the Great Tea Road, was the beginning of preparation for the implementation of these initiatives.
Minister of Industry D.Erdenebat: “The fact that custom and border issues are vital for creating mutually beneficial trade ties and to eliminate the burden on businesspeople from the three countries must be considered not only in Mongolia but also in the higher level of the two other neighbors. Our two neighbors are aware of Mongolia’s riches. This is the high time to benefit from the natural resources collectively in cooperation with our two neighbors”.
Сhinese Ambassador to Mongolia Mr Xin Haiming said that Altanbulag free zone has a big importance in developing and coordinating China’s ‘One region – One Road’ initiative, Mongolia’s initiative ‘Steppe Road’ and Russia’s Initiative on Establishing Eurasian Economic Zone.
The Russian Republic of Buryatia expressed its will in cooperation with Mongolia in education, culture and health spheres. This republic also wishes to collaborate in meat and meat product trades.
There are three free zones in Mongolia, so far. Extended plan has been prepared to open more free zones. While there are Tsagaannuur free zone in western border and Zamiin-Uud free zone in southern border, the Altanbulag free zone was established with purposes of attracting tourism and investment. Total of 131 entities have been registered in Altanbulag, only 10 of them are actively running their operations due to the poor infrastructure. Therefore, the renewed regulations give private sector the power of management.

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