AKIPRESS.COM - Indonesian home appliance firm Modena and Mongolian Nomin Holding recently signed an investment deal worth $22 million for a distribution channel, the Foreign Ministry of Indonesia said.

Minister Retno Marsudi witnessed the agreement signing during her visit to Mongolia on Wednesday, according to Jakarta Globe. Mongolian Foreign Minister Battsetseg Batmunkh was also present during the signing.

Retno did not elaborate on the Modena-Nomin Holding partnership, only saying that it was a large-scale Indonesian investment in Mongolia. The Indonesian side welcomes the business-to-business cooperation between Modena and Mongolia's Nomin Holding, Retno added in a press statement on Wednesday.

"This is the first significant investment from Indonesia, to establish a distribution channel for home appliances in Mongolia," Retno said.

During the bilateral meeting, Indonesia and Mongolia agreed to promote trade facilitation and minimize trade barriers. Retno also told Batmunkh of Indonesia's wish to increase its potential Mongolia-bound export commodities such as pharmaceutical products and electronic equipment.

"We also agreed to establish linkages between the Chambers of Commerce and Industry in our two countries," Retno noted.

Government data shows Indonesian-Mongolian trade went down from $17.5 million in 2021 to $14.8 million the following year. Bilateral trade has reached $5.4 million in the first four months of 2023.