International forum on Mongolia-China cashmere industry organized
A forum on the development of the cashmere industry was held to discuss policies and a mutually beneficial partnership in the Mongolia and China’s cashmere fields
A forum on the development of the cashmere industry was held to discuss policies and a mutually beneficial partnership in Mongolia and China’s cashmere fields in the scope of the 3rdMongolia-China Expo held in Ulanqab of Inner Mongolia, China. “In spite of Mongolia’s abundant production of raw cashmere, the manufacturing capacity in the country is still very low. The MNCCI in cooperation with the private sector is formulating a strategy to raise the production of final cashmere products as it will help in the growth of value-added products and creating numerous job opportunities in different stages of the cashmere production” according to the President of the Mongolian National Chamber of Commerce and Industry. The cashmere forum in China served as an important platform for Mongolia and China, which provide 90 percent of the global cashmere together, to talk about each of the cashmere markets and competitions with markets of other countries, define an adequate policy and raise capital. In 2018, the Government of Mongolia launched a cashmere product to expand cashmere production, increase economic profits and create jobs in the cashmere industry and thanks to the program more than 2300 jobs were added. Mongolia supplies around 40 percent of the world raw cashmere demand and it is deemed that the domestic production of final cashmere products for exports would increase the economic values by five times and the export revenue alone could reach USD 1.7 billion. Also, the proposed duty-free treatment by the USA to Mongolia cashmere products and 25 percent duty of China on knitted products are viewed as great opportunities to encourage exports.