2020 will mark the 50th anniversary of establishment of diplomatic relations between Mongolia and Italy, Montsame reports.
The Embassy of Italy was opened in Ulaanbaatar on July 29, 2017. As of today, 54 Italian invested companies are operating in Mongolia, making investment of $36.8 million. Italy invested mainly in the areas of trade, food industry, processing of animal origin raw materials and textile.
Trade turnover between the two countries reached over $70 million, of which USD 43.4 million are export and $33.3 million are import.
Since 1990, the government of Italy has rendered non-refundable aid worth $7.2 million to Mongolia. Italian Minister of Economic Development C.Calenda and Member of Parliament A.Undraa are working as chairpersons of Mongolia-Italy Intergovernmental Commission and Mongolia-Italy inter-parliamentary group.
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