Major French Investment Bank to Partner with Mongolian Entrepreneurs

Ulaanbaatar, October 31, 2024 /MONTSAME/. A delegation of French business leaders, led by Claude Imauven, Chairman of the Mongolian-French Business Council of MEDEF (Mouvement des Entreprises de France) and Chairman of the Board of Directors of “Orano” Group, arrived in Mongolia to explore business partnerships with Mongolian entrepreneurs.

The French delegation attended the Mongolia-France Business Meeting on October 30, 2024, at the National Chamber of Commerce and Industry of Mongolia (MNCCI) as distinguished guests. Organizers highlighted that this Business Meeting is a result of reciprocal State Visits by the Heads of State from both countries over the past year, which laid the groundwork for numerous bilateral agreements.

During President Khurelsukh Ukhnaa’s State Visit to France, a business summit brought together 80 representatives from Mongolia’s business community and their French counterparts. This reciprocal visit includes over 30 representatives from 21 French companies engaging with Mongolian businesses.

Representatives include represnetatives from banking, finance, automotive manufacturing, railway machinery, construction, catering services, nuclear energy, cable transportation, and agriculture, particularly livestock breeding and intensive farming.

Additionally, delegates from the drone, satellite, and aerospace sectors have also arrived to engage in discussions with Mongolian companies on cooperation.

The event was attended by Ambassador Extraordinary and Plenipotentiary of France to Mongolia, Corinne Pereira Da Silva, Claude Imauven, Chairman of the Mongolia-French Business Council and the Board of “Orano,” Director of the International Trade and Economic Cooperation Department of Mongolia’s Ministry of Affairs, G. Ulziisaikhan and MNCCI CEO T. Duuren.

During the meeting, the Trade and Development Bank (TDB) of Mongolia signed a Memorandum of Cooperation with “BPIFRANCE,” a French investment bank.

Trade and Development Bank CEO O. Orkhon remarked that establishing this relationship took many years of effort. “BPIFRANCE” is a significant investment bank in France, and the collaboration marks a strategic advancement for TDB, whose 30 percent of over 300 foreign partners are in the European Union. Strengthening relations with France is seen as crucial.

MNCCI CEO T. Duuren highlighted that many companies showed strong interest in collaboration, setting positive expectations for Mongolian businesses looking toward France and Europe.

He noted that MNCCI aims at attracting French and nearby strategic nations, strengthening ties between Mongolia, France, and Europe.

He also emphasized the importance of not missing this opportunity, noting the current trade imbalance between Mongolia and France. Mongolia imports goods worth over USD 100 million from France but exports only around USD 25 million, primarily cashmere and  mining products.

On the Mongolian side, representatives from “Natur Later,” “Amid Logistics,” “Shand Oasis,” “Ariusgal Trade,” “Mongol Express,” “Misheel Lexicon,” “Normount,” “ENKA Global Construction,” “Titanobel Mongol,” “Lham Gua,” “Guyug Ayan,” “TESO” Group, and Khan Bank attended the meeting.

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