On June 24th of this year, on the sidelines of the state visit of Ukhnaagiin Khurelsukh, President of Mongolia, to Uzbekistan, Laziz Kudratov, Minister of Investment, Industry and Trade of the Republic of Uzbekistan, participated in the Uzbek-Mongolian business forum held in Tashkent. The event was also attended by heads of ministries, agencies, industry associations, and over 150 representatives from leading companies of both nations. 
 
Laziz Kudratov, in his opening remarks, underscored the profound, friendly historical connections between Uzbekistan and Mongolia and the particular focus their leaders place on deepening bilateral, multi-dimensional relations. He highlighted the outcomes of sweeping systemic reforms designed to drastically enhance the investment and business landscape in Uzbekistan, including phased measures to dismantle barriers, liberalize the economy, foster a conducive investment climate, and broaden entrepreneurial opportunities. 
 
For reference: Mongolia's GDP in 2023 stood at $18.5 bn, with the economy showing robust growth of around 7%. The foreign trade volume reached $24.4 bn. Mongolia is endowed with abundant natural resources, including gold, silver, iron, coal, copper, molybdenum, tungsten, tin, nickel, zinc, and fluorspar. 
 
The forum identified several prospective avenues for escalating trade and economic partnerships to mutual benefit. These encompass sectors such as mining, agriculture, construction materials, healthcare, pharmaceuticals, food products, and banking sector development, among others. 

Highlighted as particularly promising were initiatives for the joint exploration of new rare metal and basalt deposits, as well as the creation of joint livestock and agro-clusters aimed at exporting produce.

A commitment was made to provide all-encompassing support and establish the necessary conditions for the fruitful realization of joint ventures and the dynamic presence of Mongolian firms in Uzbekistan.

Meanwhile, Dashzeveg Enkhtuvshin, President of the National Chamber of Commerce and Industry of Mongolia, lauded the potential for expanding trade, investment, and industrial collaboration between the two countries, and encouraged entrepreneurs to intensify their interactions and confidently pursue ambitious joint ventures. 
 
As part of the forum's agenda, several bilateral agreements were signed across healthcare, construction materials, automotive, and agricultural sectors. 
 
The B2B and G2B negotiations within the forum's framework enabled business representatives from both countries to forge new connections and deliberate on the practicalities and strategies for launching new collaborative projects.