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HomeCOOPERATION IN THE FIELD OF FREE ZONES – A BILATERAL DOCUMENT BETWEEN MONGOLIA AND TURKEY SIGNED IN ANKARA

COOPERATION IN THE FIELD OF FREE ZONES – A BILATERAL DOCUMENT BETWEEN MONGOLIA AND TURKEY SIGNED IN ANKARA

On January 21. 2021, Mr. Bold Ravdan, Ambassador of Mongolia to Turkey and Mrs. Gonca Yilmaz Batur, Deputy Trade Minister of Turkey signed “Memorandum of Understanding between Mongolia and the Republic of Turkey Regarding Cooperation in the Field of Free Zones” in Ankara.

While highlighting that the document will be much instrumental in promoting trade and investment between Mongolia and Turkey by forging long lasting mutually beneficial cooperation, the Deputy Trade Minister Mrs. Gonca Yilmaz Batur emphasized new opportunities of cooperation further such as establishing a logistics center and introducing new technologies in free zones. Stressing the importance of cooperation Ambassador  Bold affirmed his confidence that “Mongolia and Turkey will be able to tap on more opportunities such as establishing joint ventures by utilizing free zones with aim of promoting export oriented investment and production”.Since 1987, 18 free zones have become operational in Turkey with investment estimates over USD 22 billion, and about 2 thousand ventures, of which 5 hundred are foreign, operate in those free zones as of today.