Australian Foreign Minister Bob Carr on Wednesday visited Mongolia to advance mining cooperation between the two nations.

Speaking at a meeting with Carr, Mongolian President Tsakhia Elbegdorj said Mongolia-Australia relations have developed rapidly in various fields since the two countries established diplomatic ties 40 years ago.

The president called on both sides to take mining cooperation as an important opportunity in pushing forward their bilateral ties.

For his part, Carr highlighted the great importance of mining cooperation in developing Australia-Mongolia relations, noting some 54 Australian companies are operating in Mongolia.

The British-Australian mining company Rio Tinto has invested heavily in Mongolia”s mining sector.

Also on Wednesday, the two countries agreed to launch educational cooperation. Carr said his country is planning to allow more Mongolian students to study in Australia.