Mongolian authorities have announced on Wednesday that a Chinese investment firm is to invest $40 million in a complex that includes a meat-processing facility in Bayan Soum of Tuv Province, Mongolia, as reported by Xinhuanet.
Chinese entrepreneur and director of Ai Zhui, Ma Yuanfeng, along with D.Munkhbaatar, the Deputy Governor of Tuv, A.Idersuren, the head of the state-owned company Tuv-Erdenet, have signed a cooperation agreement to begin construction at the complex.
The complex will be built in three stages. Construction at the site is expected to start in June this year and the project will be completed by December 2021.
The facility will have a processing capacity of 1 million heads of livestock. Furthermore, according to Xinhuanet, local authorities said that the new investment will promote local herdsmen’s welfare.
Mongolia has long been looking to boost its meat exports by establishing several large-scale slaughter and processing plants, according to Mongolian Business Database. Large volumes of meat are currently shipped from Mongolia to China, the only problem is that the authorities from Beijing are concerned about the Mongolian health standards in production.
