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 Mongolian President Nambar Enkhbayar is in Moscow on an official state visit where he had meeting with Russian President Vladimir Putin on Friday
Russian companies could invest up to 5 billion U.S. dollars in Mongolia's economy, Putin said. "Should the necessary conditions to develop investment
activities in Mongolia be created, Russian investment in the country
may reach 5 billion dollars in the near future,"
The neighbors Mongolia and Russia have a long lasting relationship that in the last century was shaped during the period of friendly socialist regimes in both countries. From this time stems intensive ties in agricultural, but especially in the heavy industries like mining and railways. However, since the fall of communism and the end of soviet support Mongolia has turned to other partners including China, Canada (especially for mining activities), the United States, Korea and Japan.
"Today we can say that our trade amounts to some 460-500
million dollars -- half of what it was in the 1980s and 1990s. Soon, we
shall be able to boost trade to one billion dollars and that will not be
the limit," Enkhbayar said after talks with Vladimir Putin.
"Russian companies are ready to work in Mongolia and invest
significant resources in its economy," Putin was quoted by the Interfax
news agency.
Putin said it is important to improve the effectiveness of the
existing leading joint ventures Erdenet Mining, Mongolrostsvetmet Mining and Ulaanbaatar Railways and experts estimate that more than 2 billion dollars will be
needed in investment to upgrade and technically re-equip these
enterprises by 2015.
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