Mongolia and Italy to Cooperate in Value-added Product Manufacturing

By Ch.KHALIUN

Industry Minister D.Erdenebat's visit to Europe continued in Italy on November 21, where the Minister met with Italian Deputy Minister of Economic Development Carlo Calenda, and the sides agreed to cooperate in producing value-added products in Mongolia.

Beginning the meeting, Deputy Minister Calenda thanked D.Erdenebat for visiting Italy and said that he is planning to conduct a visit to Mongolia. The sides discussed possibilities for cooperation in producing value-added products by utilizing Italian techniques and equipment and Mongolian raw materials.

The Government of Italy studied and evaluated Mongolia's hide and skin market through the Italian Export Credit Agency (SACE), and agreed to collaborate by supplying equipment and providing a line of credit for producing finished products. The Italian side will also help with personnel preparation, and the parties will take complex measures to intensify cooperation between the two countries' professional associations.

Mongolia and Italy also agreed to implement a financial scheme for the wool and cashmere, agriculture, and food production sectors of Mongolia. Mongolia is hosting the Asia-Europe Meeting (ASEM) Summit Meeting next year, and Italian officials discussed cooperation for ensuring security during the high level meeting.

Italian companies have expressed an interest in purchasing skin and leather from Mongolia. The two countries have decided to collaborate not only in raw material distribution, but the Italian side will be buying value-added Mongolian products, priced competitively at the international level. The parties will focus on jointly creating a value-added network in Mongolia.

SACE to take an active role in cooperation

Deputy Minister Calenda emphasized that providing an amendment to the law on investment was an important step for Mongolia to cooperate with Italian companies. In response, Minister D.Erdenebat said that finalizing project investment and insurance schemes for joint projects will intensify bilateral cooperation between the two countries. The sides underlined that SACE will be the basis for bilateral cooperation.

Mongolia and Italy will hold an intergovernmental...