Mongolia’s Deputy Prime Minister S. Amarsaikhan on Wednesday highlighted growing opportunities for Indian companies in mining, mineral exploration, and oil development during the ‘India-Mongolia Business Forum’ held in New Delhi.
Addressing the forum, Amarsaikhan said Mongolia offers vast potential for collaboration in multiple sectors, including mineral and oil exploration, railways, animal husbandry processing (such as wool, leather, and cashew value addition), manufacturing, tourism, healthcare, transport, logistics, banking, finance, information and communication technology (ICT), disaster risk reduction, and standardisation.
The event was jointly organised by the Confederation of Indian Industry (CII), the Mongolian National Chamber of Commerce and Industry (MNCII), and the Embassy of Mongolia in India.
Inviting Indian oil companies to partner in exploration activities, the Deputy Prime Minister noted that Mongolia’s supporting oil infrastructure is expected to be commissioned within two years. He highlighted Mongolia’s strategic location between major markets such as China and Russia, as well as its Free Trade Agreements with Japan and other countries, which could enhance India’s access to regional markets through Mongolia.
Amarsaikhan also referred to the ongoing India-financed oil refinery project in Mongolia, the country’s first such facility, built with an investment of $1.7 billion. Once operational, the refinery is expected to meet up to 50 per cent of Mongolia’s petroleum demand, marking a significant milestone in bilateral cooperation.
He emphasised that Mongolia’s open and multilateral foreign policy, guided by its “Third Neighbour Policy,” places India among its most valued strategic partners. “Mongolia’s multilateral, open, and transparent foreign policy, guided by the Third Neighbour Policy, places India among our most highly valued partners,” Amarsaikhan stated.
Atul Malhari Gotsurve, Ambassador of India to Mongolia, highlighted the extensive potential for mining collaboration, citing Mongolia’s abundant reserves of coking coal, copper, gold, and other critical minerals. He also pointed out that Mongolia’s special treaty with Russia allows tariff rebates of 50-60 per cent on goods transported to Russia, providing added incentives for Indian exporters. The automobile and pharmaceutical sectors, he said, hold significant promise for bilateral cooperation.
Lkhagvajav Baatarjav, President of MNCII, identified information technology, tourism, and advanced technologies as emerging areas for collaboration, adding that the chamber would continue to facilitate partnerships between Indian and Mongolian industries.
Representing Indian industry, Madhav Singhania, past chairman of CII Northern Region and CEO of JK Cement Ltd, presented a six-point agenda to strengthen bilateral engagement. The proposed areas of focus include mining and critical minerals, energy and renewables, e-mobility and battery value chains, pharmaceuticals and traditional medicine, startups and innovation, and education, culture, and heritage.
The forum witnessed active participation from senior officials, business leaders, and investors from both countries. Discussions covered agribusiness, infrastructure development, renewable energy, transport corridors, gold refining, and critical minerals, underscoring the growing economic and strategic partnership between India and Mongolia.
