New Delhi, Oct 15 (IANS) Mongolia’s Deputy Prime Minister S. Amarsaikhan on Wednesday highlighted promising opportunities for Indian companies in mining of minerals and oil exploration in his country.

Addressing the ‘India-Mongolia Business Forum’ held here, Amarsaikhan said there were also huge opportunities in Mongolia for railroad exploration, animal husbandry processing (including wool, leather, and cashew value addition), manufacturing, tourism, healthcare, transport and logistics, banking and finance, ICT, disaster risk reduction, and standards and measurements.

The forum was organised jointly by the Confederation of Indian Industry (CII), the Mongolian National Chamber of Commerce and Industry (MNCII), and the Embassy of Mongolia in India.

The Deputy Prime Minister invited Indian oil companies to explore and collaborate on Mongolia’s oil fields, noting that supporting infrastructure will be commissioned within two years. He further emphasised Mongolia’s strategic location near major markets such as China and Russia, and its Free Trade Agreements with Japan and other countries, offering India enhanced market access through Mongolia.

He also spotlighted the landmark oil refinery project, Mongolia’s first and only such facility, financed by the Government of India with an investment of $1.7 billion. Once operational, the refinery is expected to meet at least 50 per cent of Mongolia’s demand for petroleum products.

Amarsaikhan emphasised Mongolia’s potential as a vital land bridge for India’s Indo-Pacific foreign policy. “Mongolia’s multilateral, open, and transparent foreign policy, guided by the Third Neighbour Policy, places India among our most highly valued partners,” he stated.

He underscored the growing strategic and economic partnership between India and Mongolia.

Atul Malhari Gotsurve, Ambassador of India to Mongolia, spoke about the vast potential for mining cooperation, citing Mongolia’s rich reserves of coking coal, gold, copper, and other critical minerals. He also noted Mongolia’s special treaty with Russia, which offers tariff rebates of 50-60 per cent on goods transported to Russia, presenting further export opportunities for Indian businesses. The automobile and pharmaceutical sectors were also identified as areas ripe for collaboration.

Lkhagvajav Baatarjav, president, MNCII, highlighted Information Technology, tourism, and advanced technologies as key pillars of cooperation, with the Chamber of Commerce playing a pivotal role in fostering industrial partnerships.

Madhav Singhania, past chairman, CII Northern Region and joint managing director and CEO, JK Cement Ltd, proposed a six-point agenda to deepen bilateral ties, focusing on mining and critical minerals; Energy and renewables; E-mobility and battery value chains; Pharmaceuticals and traditional medicine; Startups and innovation; and Education, culture, and heritage.

The forum witnessed active participation from industry leaders and stakeholders from both countries, with discussions centered around agribusiness, infrastructure, renewable energy, transport corridors, gold refinery, and critical minerals.

–IANS

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