India, Mongolia to encourage mutually beneficial trade, investment

Prime Minister Narendra Modi and his Mongolian counterpart Chimed Saikhanbileg on Sunday agreed toencourage development of equal and mutually beneficial trade, investment and economic cooperation.

Both leaders agreed to encourage the Indian companies to further explore cooperation opportunities in Mongolia's mining sector throughjoint ventures and investment.

Recalling the Memorandum of Understanding (MoU) signed in 2009 between the Department of Atomic Energy of India and the Nuclear Energy Agencyof Mongolia for cooperation in the field of peaceful use of radioactive minerals and nuclear energy, the two leaders noted theintensified cooperation in civil nuclear domain such as societal and industrial applications of radioisotopes, exploration and mining of radioactive minerals in Mongolia, and human resource development.

Prime Minister Modi welcomed Mongolia to partner in India's economic transformation and noted that the country's rich mineral deposits, including radioactive minerals, could help power India's low-carbon growth, while helping Mongolia in developing indigenous capabilities and economic opportunities in the mining sector.

The two Prime Ministers asked the Joint Working Group established between their atomic energy establishments to explore opportunities for future collaborative actions in the spirit of mutual benefit.

Given the immense potential to collaborate in the agriculture sector, both leaders encouraged fostering deeper and closer cooperation in animal husbandry, production of dairy products, sharing of expertise and know-how, technology transfer and other forms of cooperation.

India will also continue to support Mongolia's endeavor to create a business friendly foreign investment regime.