New Delhi, Oct 15 (NationPress) Mongolia’s Deputy Prime Minister S. Amarsaikhan on Wednesday showcased enticing opportunities for Indian enterprises in the realms of mineral mining and oil exploration within his nation.

During his address at the 'India-Mongolia Business Forum', Amarsaikhan pointed out that Mongolia is ripe with opportunities in various sectors, including railroad exploration, animal husbandry processing (covering wool, leather, and cashew value addition), manufacturing, tourism, healthcare, transport and logistics, banking and finance, ICT, disaster risk reduction, and standards and measurements.

The forum was a collaborative effort between the Confederation of Indian Industry (CII), the Mongolian National Chamber of Commerce and Industry (MNCII), and the Embassy of Mongolia in India.

Amarsaikhan invited Indian oil companies to explore and partner on Mongolia’s oil fields, mentioning that necessary infrastructure is set to be established within two years. He also highlighted Mongolia’s advantageous location near major markets like China and Russia, along with its Free Trade Agreements with Japan and other nations, which provides India with enhanced market access through Mongolia.

He emphasized the significant oil refinery project, Mongolia’s inaugural facility of its kind, funded by the Government of India with a remarkable investment of $1.7 billion. Once operational, this refinery is anticipated to satisfy at least 50 percent of Mongolia’s petroleum product requirements.

Amarsaikhan stressed Mongolia’s potential as a crucial land bridge for India’s Indo-Pacific foreign policy. He stated, “Mongolia’s multilateral, open, and transparent foreign policy, guided by the Third Neighbour Policy, places India among our most esteemed partners.”

He reaffirmed the strengthening strategic and economic partnership between India and Mongolia.

Atul Malhari Gotsurve, India’s Ambassador to Mongolia, discussed the immense potential for mining collaboration, referencing Mongolia’s abundant reserves of coking coal, gold, copper, and other essential minerals. He also mentioned Mongolia’s unique treaty with Russia, which grants tariff rebates of 50-60 percent on goods transported to Russia, further enhancing export opportunities for Indian businesses. The automobile and pharmaceutical sectors were additionally identified as promising areas for collaboration.

Lkhagvajav Baatarjav, president of the MNCII, emphasized Information Technology, tourism, and advanced technologies as foundational elements for cooperation, with the Chamber of Commerce playing a crucial role in fostering industrial partnerships.

Madhav Singhania, past chairman of CII Northern Region and joint managing director and CEO of JK Cement Ltd, proposed a six-point agenda to strengthen bilateral ties, focusing on mining, energy, e-mobility, pharmaceuticals, startups, and education.

The forum saw active engagement from industry leaders and stakeholders from both nations, with discussions concentrated on agribusiness, infrastructure, renewable energy, transport corridors, gold refinery, and critical minerals.