India and Mongolia
India and Mongolia The untapped potential of mineral-rich Mongolia holds promises for the not-so-distant future and there are predictions that this country's annual growth will reach 22 per cent plus in the next five years or even less. It is against this backdrop that President Pratibha Patil is here on a State visit here with a 30-member strong Indian business delegation. There were discussions with Mongolian businessmen on Friday. Both sides felt need to give a boost to the economic relations and bring prosperity to both the two nations that were linked by Buddhism and history. Addressing a business gathering here on Friday morning, Ms. Patil said a “new silk route” needed to be developed to establish old trade ties and “weave together a new destiny.” During her talks with the Mongolian government, she found it “quite positive and responsive” to the idea of a strengthened business partnership between the two countries, the President noted. Speaking immediately before her, Mongolian Minister for Education, Culture and Science Yo. Otgonbayar, who is also the head of the Mongolia-India Joint Committee, said his government would “try to create a favourable climate for these Indian companies.” He pointed out that Jindal Steel was doing exploration work in the great Gobi desert for uranium after the India-Mongolia pact on civil nuclear energy a year ago. Ravi Boothalingam of Manas Advisory, who is leading the Indian business delegation, said that while the two countries “cannot change geography,” difficult logistics presented a big problem for trade and commerce – “creative solutions would have to be found” and this would be in the interest of both the countries. Earlier, talking to The Hindu, Mr. Boothalingam admitted that Indian businessmen were “rather slow to seize the opportunities” in Mongolia. Apparently, 57 to 60 per cent of the total foreign investment here was from China, and more recently, South Korea had stepped in in a big way, while the Russians were here before Mongolia gained independence. These countries had the advantage of proximity. For more info on India Mongolia relationships http://www.thehindu.com/news/national/article2306085.ece |
