Over 150 Enterprises Attend India-Mongolia Business Forum
During the State Visit of President of Mongolia Khurelsukh Ukhnaa to the Republic of India, the India-Mongolia Business Forum was held in New Delhi, bringing together government officials, investors, and representatives from more than 150 enterprises of the two countries.
The participants exchanged views on the current economic and business environment and explored long-term, mutually beneficial cooperation in trade, investment, mining, transport and logistics, renewable energy, infrastructure, food and agriculture, pharmaceuticals, manufacturing, information technology, tourism, and construction.
In their opening remarks, President and Chairman of the Board of the Mongolian National Chamber of Commerce and Industry (MNCCI) Lkhagvajav Baatarjav and past Chairman of the Confederation of Indian Industry (CII) Madhav Singhania underscored the vital role of the private sector and wealth creators in advancing bilateral relations. Deputy Prime Minister Amarsaikhan Sainbuyan and Ambassador Extraordinary and Plenipotentiary of India to Mongolia Atul Malhari Gotsurve also delivered greetings, highlighting that the traditionally friendly relations between the two countries have now reached the level of a “Strategic Partnership”, with growing cooperation in trade, economy, energy, infrastructure, and education.
During the forum, the MNCCI and the CII signed a Memorandum of Understanding on Cooperation. Bilateral trade and economic exchanges have been increasing in recent years, reaching over USD 110 million in 2024.
Mongolia mainly exports animal hair, wool, and non-electric motor tools to India, while importing food products, household goods, prosthetics, analytical instruments, loaders, ceramic items, and garments. India’s GDP stands at USD 4.3 trillion, with exports totaling USD 603 billion and imports at USD 682 billion.
India primarily exports petroleum products, precious stones, and pharmaceuticals, while importing crude oil, gold, silver, and electronic goods. Its key economic sectors include agriculture, manufacturing, services, finance, and real estate.
India ranks fourth globally in coal reserves, fifth in mica and bauxite, sixth in lithium salt deposits, and seventh in iron and manganese ores as of 2023.
