Ulaanbataar, Mongolia – MODENA, the Italian-founded global consumer electronics company owned by Indonesian industrialists – the Jizhar Family, has signed a significant Memorandum of Understanding (MoU) with Nomin Holding, a prominent conglomerate in Mongolia. This alliance marks a pivotal milestone in MODENA's aggressive global expansion, aimed at reaching customers worldwide and improving their daily lives.
MODENA has firmly established itself as a global leader in consumer electronics, with diverse business verticals spanning Home and Professional, Energy, Mobility, Tech, and Health. Guided by its commitment to innovation and excellence, MODENA consistently delivers cutting-edge products that meet the evolving demands and aspirations of today's consumers.
By aligning with Nomin, known for its strong presence in the Mongolian trading sector, MODENA gains access to an established distribution network and valuable market knowledge. This collaboration enables MODENA to introduce its premium consumer electronics throughout contemporary Mongolia, further expanding the brand's worldwide reach and solidifying its position as a market leader against other European, Korean, and Chinese global giants.
A key element of this partnership is a strategic focus on Foreign Direct Investment (FDI), strengthening the long-term collaboration between MODENA and Nomin. Over the next five years, substantial FDI will be implemented in several stages, marking a significant contribution to the Mongolian economy. The investment will support technological advancements, foster growth in the retail and trading sectors, drive economic prosperity, and create new employment opportunities.
Distinguished dignitaries, including H.E. Retno Marsudi, Minister for Foreign Affairs of Indonesia, H.E. Djauhari Oratmangun, Indonesia’s Ambassador to the PRC and Mongolia, and H.E. Battsetseg Batmunkh, Minister of Foreign Affairs for Mongolia, attended the MOU signing ceremony, emphasizing the importance of this cooperation as a key milestone in advancing bilateral ties between Indonesia, Mongolia, and surrounding regions, particularly in the economic and technological sectors.
According to Michael Jizhar, Global EVP at MODENA, this partnership "represents a critical step in our global expansion strategy. We are committed to providing consumers around the world with our innovative solutions. By leveraging Nomin's distribution capabilities and market knowledge, we aim to widen our market and offer our premium products to a wider audience."
Bayarsaikhan Shagdarusuren, Chairman of Nomin, also commented on the partnership, stating, "We are honored to join forces with MODENA in this transformative journey. This partnership not only enhances our market offerings but also contributes to the growth of the Mongolian economy. It exemplifies our commitment to excellence, innovation, and sustainable development."
This strategic partnership showcases the reciprocal advantages for both organizations and underscores MODENA's dedication to international growth. Taking advantage of Nomin's substantial retail presence in Mongolia and MODENA's sophisticated product offerings, the collaboration paves the way for a successful partnership that will advance the economy of Mongolia.
Moreover, Khongor Batbold, CEO of Nomin also adds, "We are pleased to announce MODENA's establishment in Mongolia. The dynamic and demanding nature of the local market perfectly complements MODENA's 40-year expertise in consumer electronics. This strategic collaboration will pave the way for pioneering advancements in home and lifestyle innovations, as we jointly lead the industry towards a brighter future."
Another exciting chapter in MODENA's global expansion has begun with this collaboration. As the partnership develops, customers worldwide can anticipate experiencing MODENA's innovative solutions that enhance their daily lives. By enhancing the company's access to new markets and business opportunities, this cooperation not only supports MODENA's commitment to providing excellence on a worldwide scale but also ensures its ongoing dominance in the industry.