Mongolia, whose economy grew 17.3 percent in 2011, has no FTAs with other countries. Japan is keen on working more closely with Mongolia as the fast-growing country has abundant natural resources, including coal, copper, uranium and rare earth minerals.
Batbold, who is on a six-day visit to Japan from Saturday, told Noda that Mongolia will ensure Japanese companies" participation in developing the Tavan Tolgoi coal mine in the south Gobi desert, one of the world"s largest deposits of high-quality coal, the announcement said.
Batbold told reporters that his meeting with Noda was "very fruitful for the strategic partnership" of the two countries, achieving an important "first step" in promoting bilateral trade and investment.
In 2010, Japan"s exports to Mongolia, mainly cars and other industrial products, amounted to 13.97 billion yen, while its imports from the resource-rich country stood at only 2.09 billion yen.
Japan and Mongolia mark this year the 40th anniversary of the establishment of diplomatic ties.
The Japanese government believes that Mongolia, which is bordered by Russia to the north and China to the south, is increasingly vital also in terms of diplomatic and security policies.
The two countries had aimed to enter FTA talks a year ago, but efforts stalled as the government led by Noda"s predecessor, Naoto Kan, was thrown into turmoil after the catastrophic earthquake and tsunami that hit the country"s northeastern region and triggered the world"s worst nuclear crisis in a quarter century.
Japan, one of the major donors for Mongolia, also said it will provide a total of about 2.74 billion yen in aid to help the emerging country"s development.
Of the total, 1.55 billion yen will be provided under a low-interest loan package and the rest are grant-aid programs.
(Mainichi Japan) March 13, 2012
Please note that this article and / or its accompanying media (picture, video, sound files etc…) has not been written, created or taken by M.A.D. Investment Solutions staff. It is not copyrighted to M.A.D. Investment Solutions nor does the company claim any ownership or rights towards the content and its accompanying media. The above article does not in any case represent the views or opinions of M.A.D. Investment Solutions or any of its affiliate individuals or companies. The article above is purely meant as a source of information to readers and does not constitute a legal or biding agreement in any way, shape or form. Ownership of the content and its accompanying media remains with its legal owner or contributor but was sourced from Public Domain sources. If you are the owner of this content or its media and would like it replaced or taken out of our website, please contact us on: firstname.lastname@example.org. For contact and comments directly relating to the above article and or its accompanying media, please refer to the source as stated below.
Did you enjoy this article? Please consider sharing it!