Expanding Mongolian – Indian trade, technology and tourism cooperation business tourism
Updated: Nov 18
The Embassy of the Republic of India in Mongolia, India in Mongolia (Embassy of India, Ulaanbaatar), and the Mongolian National Chamber of Commerce and Industry jointly organized a business forum on “Expanding Mongolia-India Trade, Technology and Tourism Cooperation”.
Ambassador Extraordinary and Plenipotentiary of the Republic of India to Mongolia MP Singh, Head of the Secretariat of the Embassy of the Republic of India Sanjiiv Kumar, former Ambassador Extraordinary and Plenipotentiary of Mongolia to the Republic of India J.Ganbold, MNCCI President O.Amartuvshin, Secretary-General S.Bayasgalan, India-Mongolia Business Council, representatives of companies importing goods from India, interested entrepreneurs and business entities attended the event with more than 100 participants.
In his opening remarks, O.Amartuvshin, President of the Mongolian National Chamber of Commerce and Industry, said that the two countries have great potential for cooperation in trade, economy, investment, and oil, especially in information technology, pharmaceuticals, and tourism. Mongolia also imports various drugs, raw materials, and foot-and-mouth disease vaccines from India. In recent years, India has expressed interest in importing mining products from Mongolia, including coking coal, fluorspar, copper concentrate, iron ore, and wool and cashmere.
In 2021, Mongolia exported 1,600 kg or about 170 thousand USD of combed animal hair and animal hair, more than 60 thousand USD of processed hides and skins of cattle and horses, more than 40 thousand USD for manual and non-manual hand tools and replacement tools for base machines. dollars’ worth of products to India.
In his speech, the Ambassador Extraordinary and Plenipotentiary of the Republic of India to Mongolia, MP Singh, emphasized that Mongolia is not a landlocked country, it is a land-linked country to the world, and that we have a "new" India-Mongolia economic relationship.
He also said that India, with its large economy and high purchasing power, has every opportunity to develop trade and economic relations. He noted that one of the cornerstones of the strategic partnership between the two countries is the oil refinery, and the construction of the plant, which is financed by a $ 1.3 billion soft loan from India, is important for Mongolia's energy independence.
Hunnu Air is planning to launch a direct flight to India this summer 2022. This allows for direct communication in many areas, such as Buddhism, education, and information technology.
In Mongolia, the construction of an IT training center under the auspices of the Mongolian University of Science and Technology (MUST) has begun with a $ 20 million soft loan in the field of information technology. This training center will train specialists in 16 areas.
Other projects started to launch such as 1,000 Mongolian English teachers in Mongolia and India are being trained, Bollywood celebrities are planning to visit Mongolia in May to shoot two movies.
During a business discussion the following topics are discussed:
· Indian-Mongolian cooperation in non-mining sectors
· Business environment and regulations for foreign sectors
· Indian Mongolian Traditional Medicine Trade
· “Health Benefit of Indian Spices”
They also discussed opportunities for cooperation in the fields of health, tourism, and education, and listened to the views of businesses and other representatives from both sides.
"Expanding Mongolia-India Trade, Technology and Tourism Cooperation" business forum to strengthen the strategic partnership between the two countries and expand the current and future cooperation in trade, economy, mining, heavy industry, agriculture, education, and information technology. The participants concluded that it was an important meeting.