Prez asks Indian businesses to tap mining boom in Mongolia

Ulaanbaatar, July 29 (PTI) Indian President Pratibha
Patil Friday asked Indian industry houses to exploit the vast
opportunities in the mining sector in Mongolia, saying that
the gold, copper and uranium reserves here hold much in store
for them.
"The mining boom that Mongolia is presently experiencing
is predicted to make Mongolia's economy the fastest growing in
the world by 2013. The World Bank's annual GDP growth rate
projection for Mongolia in 2013 is 22.9 per cent," Patil said.
"Such predictions, indeed, are staggering and Indian
business must take due notice. Mongolia's mineral wealth,
including significant reserves of coal, copper, gold and
uranium, offer investment opportunities for Indian companies,"
she said.
"Implementation of these projects will generate
significant demand for construction and mining equipment, as
well as in such areas as power generation, water supply and
rail transport. I would recommend the Indian business
delegation to look closely at these opportunities," Patil
stressed.
The President, who is on three-day visit of Mongolia, has
inked several bilateral agreements, including ones on defence
cooperation and media exchange.
Patil is the first Indian President to visit Mongolia in
23 years.
"We are impressed and applaud Mongolia's decision to put
forth for development three major flagship mining projects,
namely the Oyu Tolgoi copper and gold deposit, the Tavan
Tolgoi coking coal deposit and the uranium deposit at Dornod.
"These projects are becoming important drivers of foreign
direct investment into Mongolia and will serve the purpose of
meeting the growing demands of the world economy in general
and major Asian economies such as India in particular," she
said.
Patil was speaking during a business interaction
organised by industrial bodies of both the nations and
attended by several entrepreneurs.
"The Indian business delegation present here should,
along with Mongolian industry, explore business opportunities
and seek to establish contacts with commercial and industrial
houses. I encourage greater and more frequent exchange of
ideas and interaction between chambers and business leaders of
the two countries," she said.
While acknowledging the brave face put up by the Indian
economy in facing the global financial meltdown with alacrity
and persisting with a high growth trajectory, the President
said, "Today, it is not only one of the major economies of the
world, but it is also one of the fastest growing. We seek to
achieve our goals of inclusive growth and nation building.
"We have in place an ambitious programme for the
expansion of our social and infrastructure sectors. All this
offers many opportunities for other countries.
"I am convinced that there exist many opportunities for
cooperation in the economic and commercial fields and with
enterprise and innovation, we can construct a new Silk Route
to weave together our economic destinies... so that the close
relationship between our countries is translated into economic
opportunity and prosperity for our peoples," Patil said.
The president also invited her counterpart, Ts Elbegdorj,
to join in the socio-economic transformation of India as
investors, financiers and traders, or to enter into joint
ventures with Indian entrepreneurs to develop Mongolia's
resources. PTI AKV
HMI