President Ts.Elbegdorj met with Jens Stoltenberg, the Prime Minister of Norway,during his official visit to the Kingdom of Norway. At the beginning of the meeting the President briefly introduced Mongolia’s economy and its social and political condition. The President was also interested in knowing how Norway successfully developed a pension fund from natural resources involving state owned companies. He also expressed Mongolia’s interest in learning from Norway’s experience in developing a water power station as a renewable energy source.

Prime Minister Jens Stoltenberg said that “During the 1960’s and 1970’s Norway discovered petroleum and natural gas resources deep in the ocean.  At that time,state owned companies were established and began operations to use the resources.  Most resource rich countries cooperate with foreign companies, but, all of our largest companies are state owned.  Many of these companies face problems, such as, political influence and corruption.  Despite this we could potentially develop our country by providing high responsibility and being open and transparent.  We can share our experience with your country.  It is remarkable that Mongolia could successfully transfer to a democratic system and later became the fastest growing economy in such a short time. We hope Mongolia can overcome difficulties and develop through a good example.”After the meeting President Ts.Elbegdorj and the Prime Minister held a press conference with journalists.

During the press conference Jens Stoltenberg said that “this first official visit by the Mongolian President is essential to developing bilateral cooperation between our two countries.  During this meeting we shared opinions of how we could develop bilateral relations through cooperation mostly.  We also discussed human rights issues and recognized efforts not only in Mongolia but also abroad.”  He went on to wish Mongolia success in maintaining its status as the fastest growing economy.

Mongolia’s President said to journalists “as President of Mongolia I successfully made this visit to Norway.  For us, there is the challenge of how to fairly distribute natural resources to every Mongolian and Norway is a country that successfully benefitted from the natural resources, petroleum and natural gas.  Norway was able to transform the income from the resources to capital by investing in the most promising businesses. The country never distributed the money to the public as an allowance. We Mongolians have much to learn from you and we must now study the legal environment on this issue and should consider renewable energy next.  Norway produces 95 percent of energy from the water power station and because of this we are considering working with Norway in this field.”