Hungary and Mongolia currently enjoy an economic relationship that holds great potential for growth and cooperation. Despite the obstacles posed by distance and differences in business culture and language, there are opportunities for greater collaboration in several sectors, including mining, agriculture, renewable energy, education, and research. To realize this potential, both countries would benefit from improved transportation links, intercultural training, and increased government support and investment. Establishing stronger business-to-business relationships through trade missions and the creation of a joint chamber of commerce or industry could be an effective way to promote bilateral trade and investment. With the appropriate levels of government support and investment, Hungary and Mongolia could leverage their respective strengths to create new opportunities for economic growth and prosperity. By working together, these two countries could achieve greater success than either could achieve alone.