OREANDA-NEWS. The Bank of Tokyo-Mitsubishi UFJ, Ltd. (“BTMU”) is pleased to announce the opening of its representative office in Ulaanbaatar, capital city of Mongolia, having acquired necessary approval from The Bank of Mongolia, the central bank of Mongolia.

With the recent launch of full-scale development and export of its rich mineral resources, Mongolia has maintained high economic growth, reaching 17.5% in 2011 and 12.3% in 2012. The South Gobi region with its large-scale coalfield and copper mine development is attracting worldwide attention. With an eye on future exports to the Asia-Pacific region, there has been an acceleration of large-scale projects in collaboration with foreign companies along with the increasing need to develop infrastructure and key industries.

Japan and Mongolia have identified the establishment of a strategic partnership as a shared diplomatic objective. As part of the effort, the leaders of Japan and Mongolia in March 2013 concluded the ERCH Initiative (in Mongolian, “erch” means vitality), aimed at achieving two pillars: development of an investment environment and cooperation for Mongolia’s sustainable economic development. Economic activities between the companies of both countries are expected to increase in the future.

BTMU has provided financial support to the Mongolian business of Japanese companies through services including project finance and trade finance. With the establishment of a representative office, BTMU will strengthen its ability to collect information in a bid to better accommodate customer needs.