Over 200 delegates have participated in a Mongolia-India business forum.  The event was held on 20 January within the framework of the 65th anniversary of the establishment of diplomatic relations between the two countries.

Traditionally, Mongolia and India have cooperated mostly in agriculture, information technology, medical supplies, heavy industry and the food sectors. The economic dynamics, however, fluctuate: trade turnover between the two countries grew by 40 percent and reached USD 52.7 million in 2018, which was USD 32 million in 2017. However, it showed a decrease to USD 38 million in 2019.

When Mongolia joins the Asia-Pacific Trade Agreement (APTA), officials consider that economic cooperation between Mongolia and India will be expanded sustainably.

India’s ambassador to Mongolia H.E. M.P.Singh pointed out that bilateral cooperation has been intensifying in recent years. In particular, construction of the first oil refinery in Mongolia will commence this year with Indian soft loan financing of USD 1.23 billion.

Although Mongolia imports medicines, pharmaceutical preparations and hospital equipment and devices from India, domestic manufacturers began working to introduce some ‘unique’ Mongolian medicines into the Indian market.