Trade and Investment
Since the commencement of diplomatic relations between Mongolia and Singapore in 1970, bilateral trade and economic ties have expanded, with Mongolia offering business opportunity and gateway into global market.
Mongolia signed a number of agreements and treaties with Singapore with the aim of creating favorable legal framework and advancing and promoting economic relations between the two countries.
Mongolia-Singapore trade relations
Total goods trade between Mongolia and Singapore amounted to approximately US$67 million in 2014.
Mongolia exported over US$14 million in goods to Singapore including heavy equipment parts, engine and vehicle parts. Mongolia’s exports to Singapore have been increasing steadily from year to year.
Import from Singapore to Mongolia totaled over US$52 million in goods in 2014, demonstrating slight decline in the trade flow in comparison with the preceding. Key imports include fuel, IT equipment and food and beverage.
As of June 2013, 195 Singapore registered enterprises have invested and expanded their activities in Mongolia, taking up to 1.54 per cent of the total offshore listed companies operating in Mongolia.
The Singapore direct investments into Mongolia reached US$723 million in 2013, taking over 5.18 per cent of total direct investments into Mongolia.