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Huge potential for increasing India-Mongolia economic relations: Dharmendra Pradhan, Minister for Petroleum & Natural Gas and Steel

Sep 20, 2019


  • Both countries need to create conducive environment for the businesses to grow - President of Mongolia


NEW DELHI, 20 September 2019: Mr Dharmendra Pradhan, Minister for Petroleum & Natural Gas and Steel, Government of India today said that there 96is a lot of room for increasing bilateral economic relations between India and Mongolia.


Speaking at the 'Joint Business Meeting in honour Mr Khaltmaagiin Battulga, President of Mongolia', organised by FICCI jointly with other industry chambers, Mr Pradhan said that the meeting will start a new chapter in India-Mongolia business relations.


"The historic visit of Prime Minister Narendra Modi to Mongolia in 2015 embarked a new journey in our relations. The overall trade between the two countries remains low. There is a good prospect to increase the bilateral trade and commerce,+" he said.


Mr Pradhan said the two countries can capitalise the capabilities in digital space and the presence of Atal Bihari Vajpayee Centre for Excellence in Information and Communication Technology in Ulaanbaatar is an effort in that direction. 


Mr Pradhan further added that sectors like healthcare including Ayurveda, mining and renewable energy are promising areas for collaboration. The $1 billion oil refinery in Mongolia set up with Indian assistance is a signal of our great partnership, he said.


Mr Khaltmaagiin Battulga, President of Mongolia, said, "India is a long-standing friend and a significant spiritual, political and economic neighbour. This visit to India will provide further opportunities for widening our trade and investment relations."


"The role of business is important in achieving this especially in healthcare, pharma, mining, education, among others. Cooperation in digital technology provides another potential area in our cooperation," he said, adding that two nations need to create conducive environment for the businesses to grow.


Mr Damdiniin Tsogtbaatar, MP, Minister for Foreign Affairs, Mongolia said India and Mongolia are early supporters of each other and most of the spiritual Mongolian words come from Sanskrit. He said Mongolia is an open country and encourages international competition.


"India was always very generous in helping us. The oil refinery project is one of the biggest instances of our close co-operation, which was inaugurated by Mr Rajnath Singh, a close friend of Mongolia," he said.


Mr O. Amartuvshin, Chairman, Mongolian National Chamber of Commerce and Industry said, "MNCCI has a long history of association with Indian Embassy and Indian industry associations to help expansion of Indian and Mongolian businesses."


Mr Dilip Dandekar, Executive Committee Member, FICCI and Chairman & Executive Director, Kokuyo Camlin Ltd, said, "India is the fastest growing economy in the world and contributes considerably to the global market."


Some of the major reforms include GST, Insolvency and Bankruptcy Code and easy access to credit which has helped India jump considerably in the ease of doing business ranking of the world bank, he added.


Mr Nalin Kohli, Co-Chairman, CII Start-up Council and Chairman & CEO, Araina Enterprises Pvt Ltd, said that the Indian industry has made consistent effort in the last decade to improve bilateral economic relations for sustainable partnership.


Mr Ramesh Kumar Mutha, Senior Member, Assocham and Managing Director, Mohan Mutha Group, said that the two country share historic Buddhist links and can work together for building a strong trade and commerce relationship.


Two MoUs between Mongolia and India were signed during the business forum. The MoU between Mongol Em Impex Concern LLC and Cadila Pharmaceuticals will establish a new pharma manufacturing facility in Mongolia. The second agreement was between Lovely Professional University and Governor�s office of Mongolia for cooperation in education.