JQuery - how to select dropdown item based on value

$('#mySelect').val('fg');...........

You should use

$('#dropdownid').val('selectedvalue');

Here's an example:

$('#dropdownid').val('selectedvalue');
<script src="https://ajax.googleapis.com/ajax/libs/jquery/2.1.1/jquery.min.js"></script>
<select id='dropdownid'>
    <option value=''>- Please choose -</option>
    <option value='1'>1</option>
    <option value='2'>2</option>
    <option value='selectedvalue'>There we go!</option>
    <option value='3'>3</option>
    <option value='4'>4</option>
    <option value='5'>5</option>
</select>

$('#yourdropddownid').val('fg');

Optionally,

$('select>option:eq(3)').attr('selected', true);

where 3 is the index of the option you want.

Live Demo