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Ulaanbaatar /MONTSAME/ A launch of National consultation ‘Opportunity to Increase Cashmere Export’ took place today organized by the Ministry of Food, Agriculture and Light Industry, Mongolian Wool and Cashmere Association in cooperation with the World Bank Export Development Project for Mongolia.
Mongolia makes up over 40 percent of cashmere resource at global market and the field is producing goods worth MNT 950 billion and earning MNT 740 billion from export today. As of 2017, Mongolia prepared 9400 tons of wool and cashmere and exported its 80 percent as washed and 10 percent as combed.
As a result of approval of the ‘Cashmere’ program, domestic industries are intending to buy some 40 percent of cashmere starting from this year and to produce final goods. A total of 298 factories are operating and 5200 people are employed in cashmere industry.
“It is crucial that herders learn to sort wool and cashmere. The Ministry is cooperating with the Agricultural Commodity Exchange to bring domestic trade to higher level through connecting factories and herdsmen”, said S.Regzedmaa, Senior Specialist of Policy Implementation Coordination Department of Light Industry of the Ministry.
Mongolia exports most of its cashmere to Great Britain, France, Italy, Japan and Korea and growth of final product's export is 50 percent now.
Attendees of the consultation stressed that circulating asset and credits are pressing issues for cashmere companies.
"Currently, we are studying what kind of insurance service is needed for improving export capacity In 2018, we made market researches on Chinese and Japanese markets. We should attach great attention to processing cashmere," said D.Nyamsuren, an analyst for WB Financial Support Team.
The national consultation will run until May 19.