Thailand and Mongolia aim to boost trade to $100 million by 2027

Commerce Minister Pichai Naripthaphan invited the Mongolian ambassador to Thailand for a discussion on trade cooperation on Monday morning, aiming to increase bilateral trade value to 3.1 billion baht within three years.

After meeting with Mongolian Ambassador Tumur Amarsanaa at the Commerce Ministry, Pichai stated that the discussion focused on expediting trade negotiations through the Thai-Mongolian Joint Trade Committee.

Pichai announced that Thailand is ready to host a meeting of the trade committee early next year, with the goal of boosting bilateral trade value to 100 million USD (approximately 3.413 billion baht) by 2027.

The committee is also set to discuss plans to increase bilateral investment between the two countries to 1.5 billion USD by 2027.

Pichai noted that Mongolia, as a developing economy, is projected to experience GDP growth of 7% this year, making it a potential market for Thai products. He added that Thai goods are gaining greater acceptance among Mongolian consumers, who have expressed interest in importing more fruits and seafood from Thailand.

Furthermore, canned and processed foods from Thailand are also in high demand in Mongolia.

The Commerce Minister extended an invitation to Mongolian businesspeople, through the ambassador, to attend trade fairs organized by the Commerce Ministry next year. These include THAIFEX-ANUGA Asia in May 2025 and the Bangkok Gems & Jewellery Fair in February and September 2025.

During the meeting, Pichai urged the ambassador to encourage the Mongolian government to facilitate Thai investors operating in Mongolia. He highlighted that Thai investors are already engaged in various sectors in Mongolia, including coal mining, healthcare services, and solar farms.

Pichai also emphasized the ongoing negotiations between the two nations on trade and investment protection, as well as a treaty to avoid double taxation, to bolster investor confidence.

Marking the 50th anniversary of diplomatic ties between the two countries, the Commerce Ministry has appointed an honorary trade envoy for Mongolia.

Last year, bilateral trade between Thailand and Mongolia amounted to 88 million USD, with Thailand exporting goods worth 21 million USD to Mongolia. Key exports included paper and paper products, beverages, vehicles and auto parts, and sugar.