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National News

Apr 25, 2018
1:31PM

India, Mongolia to enhance bilateral trade, investments

India and Mongolia today discussed economic cooperation in areas such as infrastructure development, energy, services and IT.

In a joint media briefing with Mongolian Foreign Minister D Tsogtbaatar, External Affairs Minister Sushma Swaraj said in Ulaanbaatar that the two countries agreed to explore ways to identify new areas of cooperation in all sectors of mutual interest and to enhance bilateral trade and investments.

Mrs Swaraj, the first Indian foreign minister to visit Mongolia in 42 years, said India sees Mongolia as a factor of stability in East Asia and believes that Mongolia's social and economic development is important for peace and prosperity in the region.

She said, India has emerged as one of the fastest growing large economies in the world and with its rich natural resources and strong aspiration for development, Mongolia can be an important partner in India's growth story.

During the Indian-Mongolia Joint Committee meeting on Cooperation, the two sides discussed pressing global challenges, particularly the scourge of terrorism and agreed to collaborate bilaterally and in the international arena to thwart the designs of those who extend support to terrorist outfits.

Both the countries have also agreed to explore the possibility of launching direct air connectivity between New Delhi and the Mongolian capital Ulaanbaatar.

Calling upon the Mongolian business community to seize economic opportunities arising out of India's growth, she said, the two countries have agreed to remove institutional and logistical impediments to boost trade, tourism and people to people contacts.

Mrs Swaraj, who is on a two-day visit, said Mongolia is not only India's strategic partner but also a spiritual neighbour.

She said Prime Minister Narendra Modi's historic visit in 2015, the first ever by an Indian Prime Minister to Mongolia, provided a fresh impetus to the bilateral relations and qualitatively raised the level of the engagement.

India and Mongolia have close cooperation in trade and economy, science, health, agriculture, culture, education, communication and tourism.

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