Wednesday, August 20, 2014

China-Mongolia ties: A strategic partnership built on trade & coop.

President Xi Jinping is the first Chinese head of state to visit Mongolia in 11 years. His visit comes on the 65th anniversary of the establishment of diplomatic relations between two countries. Talks in Mongolia are expected to further promote economic ties, especially in the fields of infrastructure, mining and railway construction.

Mongolia is bordered by China to the south, east, and west. China and Mongolia share borderline of over 46-thousand kilometers. Talks in Mongolia are expected to further promote economic ties, especially in the fields of infrastructure, mining and railway construction.

Mongolia, a vast, landlocked land home to some of the world’s biggest copper and gold deposits. Bilateral ties between China and Mongolia have developed fast since the 1960s, when China began providing its northern neighbor with economic assistance.

Tens of thousands of Chinese workers also took part in various projects, from agriculture to the construction of power stations.

In recent years, cooperation has focused on infrastructure and mining. Over 7,000 Chinese companies operate in Mongolia, representing an investment of 3.7 billion yuan.

China has been Mongolia’s largest trade partner for one decade. Trade between the two nations rose from just 100 million yuan in 1994, to 6 billion yuan in 2013.

China is also the largest importer of Mongolia’s copper and iron.

Mongolia amended investment laws last year in a bid to attract more foreign investment, evening the playing field between foreign and local companies. And it’s little wonder foreign companies are returning the attention. As one of the world’s fastest growing economies, Mongolia is likely to see a 14% economic growth rate this year.

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