The Chief of the Foreign
Investment and Foreign Trade Agency (FIFTA), B.Ganzorig, has said around 130 leading
businessmen from India and Mongolia took part in a business forum last week. Representatives
of 30 Indian business organizations came to Mongolia with the country’s President
and attended the forum.

Some 30 Indian companies
work in Mongolia but their total investment of USD7.5 million is quite insignificant.
Distance is a major factor but many in the forum felt there was enough scope
for economic and trade ties to develop. India has several large steel plants
and would welcome raw material from Mongolia.