Chongqing - An investment promotion meeting between Chongqing and Ulaanbaatar, Mongolia was held on February 13 to set up a platform for the cooperation between the two parties. 

A total of 19 municipal state-owned enterprises participated in the meeting and carried out cooperation negotiations on the spot.

The Chongqing State-owned Assets Supervision and Administration Commission and Foreign Affairs Office of Chongqing Municipal People’s Government held an investment promotion meeting between Chongqing and Ulaanbaatar, Mongolia. (Photo/Foreign Affairs Office of Chongqing Municipal People’s Government)

Ulaanbaatar is located in the north-central part of Mongolia, on the banks of the Tuul river. It is the capital of Mongolia and the largest city in the country.

In May 2022, Chongqing and Ulaanbaatar signed a memorandum of understanding establishing sister cities. It is hoped that the two cities will deepen economic and trade cooperation in agricultural products, new energy vehicles, rail transit, and infrastructure construction, and expand communication and exchanges in education, cultural tourism, and international conferences and activities, to achieve mutual benefit and win-win results.

In June 2022, several municipal departments in Chongqing formed a special team for exchanges and cooperation with Ulaanbaatar to continue to promote collaboration and negotiation between the two parties.

At the promotion meeting, Misheelt Ganbold, CEO of Ulaanbaatar New Urban Construction Ltd, said that Ulaanbaatar is reducing road overloading, and there are many opportunities for cooperation in infrastructure, public transportation, logistics, and other fields. They welcome Chongqing’s enterprises to participate in the investment. 

The 19 municipal state-owned enterprises in Chongqing are promoting industrial manufacturing, infrastructure, business services, construction, and other fields, all of which have relatively high reputations and good business. Six companies from Chongqing also made on-site promotions based on their characteristics and advantages and cooperation intentions.

“The products and services of Chongqing Communications Development and Investment Group have gone abroad, and they have established in-depth cooperation with Yangon Province, Myanmar, in the field of urban public transportation informatization, providing smart IC card system construction, terminal installation, operation management, and credit card payment, serving 7 million Yangon citizens,” said a source from the company. The company has communicated with the Mongolian many times, hoping to give full play to the advantages of the enterprise and participate in the rail transit of Ulaanbaatar and even multi-field construction such as public transportation to achieve win-win cooperation. 

“Chongqing City Construction Investment Group Co., Ltd has invested more than 210 billion yuan in the past 30 years to build 25 river-crossing bridges, 28 tunnels, 109 interchanges, and 350 kilometers of urban roads,” said a representative for the company. He added that it is hoped to cooperate with Ulaanbaatar City in urban renewal, government information technology, and finance.

Li Xingqiang, Deputy Director of the Chongqing State-owned Assets Supervision and Administration Commission, said that Chongqing’s state-owned enterprises are actively developing an open economy. They have nearly 100 branches in Europe, America, Africa, Southeast Asia, South Asia, and other regions, and have contracted about 100 roads, bridges, buildings, construction projects, and other engineering designs. He added, "This investment promotion meeting is a good start in opening up. In the next step, state-owned enterprises will take the initiative to integrate into the new development pattern."

(He Hanyue, as an intern, also contributed to the report.)