KUALA LUMPUR, July 4 (Bernama) -- The Malaysia External Trade Development Corporation (Matrade) is encouraging Malaysian companies to tap Mongolia's emerging highly affluence middle class.
Deputy Chief Executive Officer Datuk Dzulkifli Mahmud said Mongolian middle and high-end customers were embracing high-quality products and services due to their stronger purchasing power.
"The presence of many branded retail outlets in Ulaanbaatar reflects the new trend of consumption. It offers huge business and investment opportunities for Malaysian companies," he said in a statement.
For the first five months of 2014, Malaysia's trade with Mongolia increased 68.8 per cent to RM59.8 million with exports increasing 70.9 per cent to RM59.6 million compared with the same period last year.
Last year, Malaysia's trade with Mongolia grew 42.3 per cent to RM130.22 million with exports rising 46.2 per cent to RM128.27 million, driven by petroleum products, electronics and electrical products, palm oil, processed food and wood products.
Other potential sectors to tap in Mongolia includes infrastructure development, tourism, hotels and hospitality, healthcare, prepared food, energy as well as mining.