Bilateral trade
2026-05-08
Since the establishment of diplomatic relations between Mongolia and the Republic of Singapore 56 years ago, bilateral economic, trade, and investment relations have developed steadily.
Since the third quarter of 2021, the stock of Singapore’s foreign direct investment in Mongolia has increased significantly. For instance, the total stock stood at USD 1.8 billion in the third quarter of 2021, rising to USD 2.197 billion by the fourth quarter of 2022. This represents an increase of approximately USD 395.5 million, or around 22 percent, within one year, demonstrating a real expansion in investment. This growth continued in the fourth quarter of 2023, when the total stock reached USD 2.5 billion, marking a further increase of around 14 percent compared with the 2022 level. By the fourth quarter of 2024, it had risen to USD 2.956 billion, increasing by USD 449 million from the previous year and reaching the highest level recorded in recent years. In the third quarter of 2025, the figure stood at USD 2.955 billion, remaining virtually unchanged from the previous quarter and maintaining a stable level.
Moreover, total bilateral trade turnover reached USD 54.4 million in 2025, up from USD 51.83 million in 2024 and USD 44.36 million in 2023. This indicates that trade relations between the two countries have been gradually recovering in recent years and are showing a stable upward trend.
In this regard, the Embassy has placed particular emphasis on promoting bilateral investment and economic cooperation. As a result, in collaboration with business communities and associations from both countries, it has begun organizing business forums in Ulaanbaatar and Singapore on a regular basis. In recent years, investment events such as “Mongolia’s Capital Market Connectivity: Singapore” and “Mongolian Investment Forum: Singapore” have been regularly held in Singapore. In addition, since 2024, the Singapore Business Federation has been organizing annual investment forums in Mongolia, bringing sizeable Singaporean business delegations to the country. Meanwhile, Mongolian business delegations have been participating regularly each year in major international events held in Singapore, such as SWITCH and the Singapore FinTech Festival.
These forums have produced tangible outcomes, with businesses from both sides launching cooperation initiatives. Furthermore, according to the National Statistics Office’s statistical indicators ranking foreign direct investment inflows into Mongolia by investor country, the Republic of Singapore has consistently ranked among the top three since 2023.