The President invited Mongolian entrepreneurs to invest in India and also to enter into joint ventures with Indian entrepreneurs to develop Mongolia’s resources. Addressing the India-Mongolia business meet in Mongolian capital Ulaanbaatar Friday, President Mrs. Pratibha Devisingh Patil said, this will help in the socio-economic transformation of both the countries.
Of any partnership between nations, economics are the bricks and mortar of any enduring political relationship. I am confident that Friday’s event will be a forerunner of a greatly straightened business relationship between India and Mongolia.
During the visit of President Elbegdorj to India in September 2009, bilateral relations were elevated to a Comprehensive Partnership.
The mining boom that Mongolia is presently experiencing is predicted to make Mongolia’s economy the fastest growing in the world by 2013. The World Bank’s annual GDP growth rate projection for Mongolia in 2013 is 22.9 per cent. Mongolia’s mineral wealth, including significant reserves of coal, copper, gold, and uranium, offers investment opportunities for Indian companies. The three major flagship mining projects in Mongolia are Oyu Tolgoi copper and gold deposit, Tavan Tolgoi cooking coal deposit and uranium deposit at Dornod. These projects are becoming important drivers of foreign direct investment into Mongolia, and will serve the purpose of meeting the growing demands of the world economy in general, and major Asian economies like India in particular. Implementation of these projects will generate significant demand for construction and mining equipment, power generation, water supply, and rail transport.