India to boost trade ties with Mongolia
ULAAN BAATAR, July 31 – India is making a strong pitch to develop trade and industrial ties with Mongolia with select heads of Indian industrial firms already identifying potential areas of interest.
Recent high level meetings between members of the Confederation of Indian Industry (CII) and their Mongolian counterparts in Ulaan Baatar have enabled them to prepare a plan to bring in Indian funds worth millions of rupees in the country where Chinese and Russian investments are very substantial.
Indian President Pratibha Devisingh Patil, who was recently present at a business meet in the Mongolian capital, expressed confidence that economic ties between the two Asian countries will grow exponentially in the times ahead.
For Indian industry and trade, Mongolia appears as an undeniable opportunity as the country is tipped to have a huge jump in economic growth because of its mineral wealth, some of which are yet to be fully surveyed. At present a resource base of coal, iron ore, gold, and uranium has been identified, not to mention livestock spread over the country.
A member of the Indian business delegation, who was in Ulaan Baatar, told The Assam Tribune that mining is an area where Indian companies with international expertise can make their presence felt.
‘Indian entities are capable of operating mines, apart from their transportation and processing. Making steel and ancillary products is a strength for a number of companies,’ he said.
An attractive investment for Indian investors could be in dairy development as Mongolia is in need of processing and marketing facilities. India has the advantage of having a large domestic market for milk products even though the country is the largest producer in the world today.
Development of infrastructure is another area in which Indian firms can perform well, and Mongolia at this stage requires it in the form of roads and highways. A group of Indian companies are toying with the idea of forming a consortium to own and operate a private airline in the country, which at present suffers from poor air connectivity vis-à-vis India and some neighbouring countries.
Indian business entities which are interested in building economic ties with Mongolia believe that direct flights between India and the landlocked North Asian country is a must if robust relations are to be built and sustained. It is significant that the Indian President also underlined this during her high level discussions in Ulaan Baatar.
Recent high level meetings between members of the Confederation of Indian Industry (CII) and their Mongolian counterparts in Ulaan Baatar have enabled them to prepare a plan to bring in Indian funds worth millions of rupees in the country where Chinese and Russian investments are very substantial.
Indian President Pratibha Devisingh Patil, who was recently present at a business meet in the Mongolian capital, expressed confidence that economic ties between the two Asian countries will grow exponentially in the times ahead.
For Indian industry and trade, Mongolia appears as an undeniable opportunity as the country is tipped to have a huge jump in economic growth because of its mineral wealth, some of which are yet to be fully surveyed. At present a resource base of coal, iron ore, gold, and uranium has been identified, not to mention livestock spread over the country.
A member of the Indian business delegation, who was in Ulaan Baatar, told The Assam Tribune that mining is an area where Indian companies with international expertise can make their presence felt.
‘Indian entities are capable of operating mines, apart from their transportation and processing. Making steel and ancillary products is a strength for a number of companies,’ he said.
An attractive investment for Indian investors could be in dairy development as Mongolia is in need of processing and marketing facilities. India has the advantage of having a large domestic market for milk products even though the country is the largest producer in the world today.
Development of infrastructure is another area in which Indian firms can perform well, and Mongolia at this stage requires it in the form of roads and highways. A group of Indian companies are toying with the idea of forming a consortium to own and operate a private airline in the country, which at present suffers from poor air connectivity vis-à-vis India and some neighbouring countries.
Indian business entities which are interested in building economic ties with Mongolia believe that direct flights between India and the landlocked North Asian country is a must if robust relations are to be built and sustained. It is significant that the Indian President also underlined this during her high level discussions in Ulaan Baatar.
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