Prime Minister U.Khurelsukh received Ambassador Extraordinary and Plenipotentiary of the Republic of India to Mongolia Suresh Babu to discuss the progress of a cooperation project between the two countries.
During their meeting, the Prime Minister emphasized that the government will concentrate on accelerating a petroleum refinery project which will be funded with a loan of one billion USD that Indian Prime Minister Narendra Modi offered during his visit to Mongolia in 2015.
The ambassador noted that a nine-member task force is coming to Mongolia from India to study the loan’s proposed expenditure.
Prime Minister U.Khurelsukh stated that Mongolia has a problem where high ranking officials do not seek to implement agreements, projects and programs that have been reached, and noted that collaboration between state organizations in charge of megaprojects is murky, which is why projects stop and are delayed. He pointed out that as establishing a petroleum refinery is of significant importance for meeting domestic fuel demand by stopping and reducing fuel imports, he is paying a great deal of attention to this project.
Ambassador Babu underlined that the two countries are working to implement several projects with strategic importance, and the government of India and the Embassy of India in Ulaanbaatar will actively collaborate with Mongolia to successfully implement ongoing and upcoming projects. He added that the project which will be implemented through India’s one billion USD loan in Mongolia is under review by the Indian government and is expected to move in the right direction.
Mongolia exports cashmere and wool to India, and imports vaccines, medical products and motorcycles from India. The trade turnover between the two countries reached 27 million USD in 2016.