1 month ago
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Catherine Talavera - The Philippine Star
February 6, 2025 | 12:00am
MANILA, Philippines — Philippine businesses are urged to tap potential opportunities for collaboration in the Mongolian market as this will allow them to penetrate Central Asian countries for multilateral businesses.
Mongolian Deputy Prime Minister Amarsaikhan Sainbuyan, who visited the country in October, recommended their available facilities for potential companies in the Philippines to penetrate Central Asian countries for multilateral businesses.
Some of the potential areas for collaboration include investments promotion, agriculture, minerals, infrastructure development and renewable energy among others.
In the area of investment support and promotion, Mongolia is proposing the creation of an “ASEAN-Mongolia-Central Asia Investment Cooperation Fund”. The said fund will support and promote investment in the region, enhancing financial cooperation, as well as providing incentives for businesses aiming to invest across ASEAN, Mongolia and select Central Asian countries.
The country is also proposing collaboration on agricultural development between the two countries, including the export of Mongolia’s high-quality meat and dairy products to the Philippines as well as other lucrative markets.
The collaboration may also cover the importation of tropical fruits and other agricultural products from the Philippines to Mongolia and the Central Asian Region.
Joint ventures in mining exploration and development are also a potential area for collaboration, leveraging Mongolia’s vast mineral resources while sharing technology and expertise from Philippine companies.
In terms of tourism and cultural exchange, potential opportunities for collaboration include partnerships between travel agencies and tourism boards to offer packages that highlight the unique cultural heritage and natural beauty of destinations in each country.
Another proposal by the Mongolian leadership is partnerships in infrastructure projects such as roads, bridges and buildings, utilizing Philippine engineering firms and expertise to support Mongolia’s urban development efforts.
Other potential opportunities for collaboration include the building an international air and cargo hub in Mongolia as well as the development of infrastructure to enhance connectivity and logistics, positioning Mongolia as a strategic air and cargo gateway between Asia and other regions.
Mongolia is urging for joint ventures in renewable energy projects, particularly solar and wind energy, capitalizing on Mongolia’s land resources as well as the Philippines’ need for sustainable energy solutions.
It is also proposing the establishment of a Mongolian-ASEAN Business Council to facilitate collaboration among businesses, promote trade and create networking opportunities between Mongolia and ASEAN member countries.
The said opportunities are projected to drive economic growth and reinforce the ties between the Philippines and Mongolia, while extending relationships with other ASEAN and Central Asian nations.
Currently, formidable connections to Central Asia are limited.
These countries include the rich economies of Kazakhstan, Kyrgyzstan, Tajikistan, Turkmenistan, Uzbekistan and even its immediate neighbor – The Russian Federation. Most of these countries are rich in oil and gas and have enormous proven mineral reserves.
Amarsaikhan first visit to the Philippines was as the head of Mongolia’s delegation to the Asia Pacific Risk Disaster and Management Conference in October that was co-sponsored by the United Nations.
He met with President Marcos during the visit to convey his intention to enhance bilateral relations.
