Jakarta. Home appliance firm Modena and Mongolia’s Nomin Holding recently inked an investment deal worth $22 million for a distribution channel, according to the Foreign Affairs Ministry.

Senior diplomat Retno Marsudi witnessed the agreement signing during her visit to Mongolia on Wednesday. Mongolian Foreign Affairs Minister Battsetseg Batmunkh was also present during the signing. 

Retno, however, did not elaborate much on the Modena-Nomin Holding partnership, only saying that it was a large-scale Indonesian investment in Mongolia.

"We welcome the B-to-B [business-to-business] cooperation between Indonesian company Modena and Mongolia’s Nomin Holding,” Retno was quoted as saying 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 Batmunk 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 said.

Government data shows Indonesia-Mongolia 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.

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