Indian businesses tap mining boom in Mongolia
President Pratibha Patil on Friday asked Indian industry houses to exploit the vast opportunities in the mining sector in Mongolia, saying that the gold, copper and uranium reserves in Ulaanbaatar hold much in store for them.
"The mining boom that Mongolia is presently experiencing is predicted to make Mongolia's economy the fastest growing in the world by 2013. The World Bank's annual GDP growth rate projection for Mongolia in 2013 is 22.9 per cent," Patil said.
"Such predictions, indeed, are staggering and Indian business must take due notice. Mongolia's mineral wealth, including significant reserves of coal, copper, gold and uranium, offer investment opportunities for Indian companies," she said.
"Implementation of these projects will generate significant demand for construction and mining equipment, as well as in such areas as power generation, water supply and rail transport. I would recommend the Indian business delegation to look closely at these opportunities," Patil stressed.
The President, who is on three-day visit of Mongolia, has inked several bilateral agreements, including ones on defence cooperation and media exchange.
Patil is the first Indian President to visit Mongolia in 23 years.
"The mining boom that Mongolia is presently experiencing is predicted to make Mongolia's economy the fastest growing in the world by 2013. The World Bank's annual GDP growth rate projection for Mongolia in 2013 is 22.9 per cent," Patil said.
"Such predictions, indeed, are staggering and Indian business must take due notice. Mongolia's mineral wealth, including significant reserves of coal, copper, gold and uranium, offer investment opportunities for Indian companies," she said.
"Implementation of these projects will generate significant demand for construction and mining equipment, as well as in such areas as power generation, water supply and rail transport. I would recommend the Indian business delegation to look closely at these opportunities," Patil stressed.
The President, who is on three-day visit of Mongolia, has inked several bilateral agreements, including ones on defence cooperation and media exchange.
Patil is the first Indian President to visit Mongolia in 23 years.
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