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Canada to open trade office in Ulaanbaatar |
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Monday, 21 April 2008 |
 Canada will open a permanent
trade office in Mongolia to assist local Canadian businesses.
Canadian firms have a reported
$395 million in investments, including operating more than 20 mines.
Canada is also Mongolia’s second largest investor.
There is growing fears among
western businesses that Mongolia may pass laws claiming ownership of
at least 51 percent of mining deposits. Such a move could have a dampening
effect on current and future foreign investments in Mongolia.
"Our companies that are
extremely active in the region have been extremely vocal about these
challenges and our government has taken every opportunity to raise our
deep concern with our Mongolian counterparts," Ted Menzies, parliamentary
secretary to the minister of finance, told The Canadian Press.
The new trade office was described
as, "…..the Canadian voice on the ground that can be there…..These
companies are over there operating and instead of calling us back here
or the embassy in China we will have someone there," Menzies added.
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