Economy

Mongolia eyes biz ties

By YANG NING (China Daily)
Updated: 2010-04-29 14:54

BEIJING - Mongolian President Tsakhiagiin Elbegdorj called on Wednesday for Chinese and Mongolian companies to strengthen economic cooperation in the mining and animal husbandry industries.

Elbegdorj made the remark at the China-Mongolia Business Forum, during his official visit to China, taking place from April 28 to May 3 at the invitation of Chinese President Hu Jintao.

Tsakhiagiin Elbegdorj, Mongolia’s president, will sign a number of agreements during his visit to China. [Agencies]

He said he would sign a series of China-Mongolia cooperation agreements over the next few days.

Mongolia, a country rich in natural resources, lacks capital and technical know-how, and attaches great importance to improving its investment environment.

As the Mongolian government began to loosen restrictions on foreign investment in natural resources and revised its mining law through lowering taxes on mining development in August 2009, Mongolia became the hottest destination for global mining investment, particularly for China's investors.

For example, China Investment Corp invested $1.2 billion in Mongolia's resources sector in 2009, and Aluminum Corp of China, the nation's largest aluminum producer, said in mid-March it was in talks with Anglo-Australian miner Rio Tinto Group about the joint development of a massive copper and gold mine in Mongolia.

"It has been said that the 21st century is Asia's century," Elbegdorj said.

"We hope China and Mongolia will work together to make great contribution to the world."

Lu Kejian, director-general of the Department of Asian Affairs of Ministry of Commerce, pointed out China has been Mongolia's No 1 trading partner for 11 consecutive years and also the top investor country for 12 consecutive years.

"The bilateral trade volume last year was nearly 50 times compared to 1991," he said.