Mongolian company Exclusive has signed a contract with Poland-Turkey joint venture Rubin to annually supply €3 million worth of apparel, mainly jackets. This was disclosed at a press conference, reports UB Post.
The agreement was signed during the visit of Ilhan Erden, president of Rubin, to Mongolia. As per the deal, the first batch of exports would be made in October this year.
At present, there are about 450 apparel factories operating in Mongolia. Earlier, the garment manufacturing units flourished without any Government support, but soft loans for equipment and facilities were provided under the Chinggis bonds scheme from 2012.
Mongolia is a land-locked nation, situated between China and Russia—two large economies. The Asian Development Bank predicts Mongolian GDP to grow at 9.5 percent in 2014 and 10 percent in 2015.
Meanwhile, the Mongolia Economic Forum is hosting a Mongolia Business Summit form June 19-21, 2014, focusing on global partnerships to facilitate business growth.
A huge focus of the summit is to introduce corporations, bankers, investors and entrepreneurs, both local and international, to discover how they can explore the untapped potential of one of the world’s fastest growing economies, according to the organizers.