India-Mongolia trade nearly doubles amid strengthening ties across culture, energy

New Delhi [India], October 15 (ANI): Bilateral trade between India and Mongolia has nearly doubled in just one year, rising from USD 60 million in 2023 to USD 110 million in 2024. This significant growth reflects the deepening economic and diplomatic cooperation between the two nations, which have been celebrating 70 years of diplomatic relations and a decade of strategic partnership.
India's Ambassador to Mongolia, Atul Malhari Gotsurve, stated that the surge in trade demonstrates a strengthening partnership across multiple sectors, including mining, renewable energy, and cultural exchange. "We are celebrating the 70th anniversary of India-Mongolia relations and the 10th anniversary of the strategic partnership. The two nations are spiritual siblings, linked through our shared Buddhist heritage," he said.
He added that Mongolia has also announced its support for India's bid for permanent membership at the United Nations Security Council (UNSC) and expressed interest in joining India's International Solar Alliance initiative.
Talking about the India-Mongolia Business Forum in New Delhi, Ambassador Gotsurve noted that Mongolian Deputy Prime Minister S Amarsaikhan highlighted Mongolia's potential for Indian businesses. "In 2023 India-Mongolia bilateral trade relation were 60 million USD and today it is 110 million USD which will surge further...Dr Amarsaikhan, Deputy Prime Minister of Mongolia, explained how Mongolia is good for Indian businessmen...Indian companies, on the other hand, have shown interest in bringing cooking coal, copper and other mining elements...," he said, adding that both countries are working to expand trade and investment in the years ahead.
Economic cooperation is complemented by efforts to strengthen cultural and developmental ties. During a joint press statement on Tuesday, Prime Minister Narendra Modi announced the introduction of free e-visas for Mongolian citizens and also signed a Memorandum of Understanding (MoU) between Ladakh's Autonomous Hill Development Council and Mongolia's Arkhangai Province to promote enhanced people-to-people exchanges.
"Even though we do not share a border, India has always considered Mongolia a close neighbour. The MoU signed today will give a fresh boost to our cultural ties," PM Modi said. He further announced an annual sponsored visit for young Mongolian cultural ambassadors to India, aimed at deepening cultural connections.
Briefing on the visit, Secretary (East) P Kumaran said Mongolia reaffirmed its support for India's permanent UNSC membership and its candidature as a non-permanent member for 2028-29. He said Mongolia also signed the International Big Cat Alliance framework and welcomed India's plan to post a resident defence attache in Ulaanbaatar, reflecting growing defence cooperation.
The new gratis e-visa policy for Mongolian nationals complements the existing free visa regime, strengthening people-to-people ties between the two countries.
Mongolian President Khurelsukh Ukhnaa, who arrived in New Delhi on Monday for a four-day state visit, met Prime Minister Modi and External Affairs Minister S. Jaishankar to discuss the next decade of cooperation. President Ukhnaa also paid tribute to Mahatma Gandhi at Rajghat and planted a sapling under the "Ek Ped Maa Ke Naam" initiative with PM Modi.
The Prime Minister also highlighted India's ongoing USD 1.7 billion Oil Refinery Project in Mongolia, India's largest development partnership project worldwide, which aims to boost Mongolia's energy security.
"India has been a strong and reliable partner in Mongolia's development," PM Modi said, adding that over 2,500 Indian professionals are currently working with Mongolian counterparts on the project. (ANI)