Mongolia Urges Indian Firms to Invest in Mining, Oil Sectors

• Mongolia offers opportunities for Indian companies in mining, oil exploration, and more
• Strategic location near China and Russia, along with Free Trade Agreements
• Key collaboration areas include critical minerals, energy, e-mobility, pharmaceuticals, and more

Mongolia invites Indian companies abroad to explore mining opportunities Mongolia and oil exploration Mongolia , offering significant potential for natural resources investment. S. Amarsaikhan, Deputy Prime Minister of Mongolia, referred to favorable opportunities for Indian companies in mining, oil exploration, and other sectors in its territory.

At the India-Mongolia Business Forum, he said that Mongolia holds great opportunity and potential not only for minerals and oil but also in railroad building projects; processing for animal husbandry, including wool, leather and processing of cashew; manufacturing; tourism; health care; transport and logistics; banking and finance; information and communication; disaster risk reduction; and standards and measuring.

Strengthening bilateral trade India Mongolia and Mongolia India investment, these initiatives aim to boost Mongolia economic growth through energy investment and the mining sector Mongolia, fostering deeper India-Mongolia business collaboration.

The Confederation of Indian Industry (CII), the Mongolian National Chamber of Commerce and Industry (MNCII), and the Embassy of Mongolia in India jointly organized the forum. He called on Indian oil companies to establish collaboration in Mongolian oil fields. The infrastructure to provide support will be commissioned in two years, he said.

He also mentioned its strategic location near major markets such as China and Russia and added that Mongolia has Free Trade Agreement with Japan and other countries, which can provide additional access to the Indian market via Mongolia.

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One of the important developments highlighted was the construction of Mongolia’s first and only oil refinery, funded by the Government of India to the tune of $1.7 billion. Once complete, it is expected to supply at least half of the country’s petroleum needs.

Amarsaikhan also mentioned that Mongolia could be a key land link for India’s Indo-Pacific strategy, and the ongoing enhancement of strategic and economic ties between India and Mongolia. He added, "Mongolia's multilateral, open, and transparent foreign policy, guided by the Third Neighbour Policy, places India among our most highly valued partners".

Atul Malhari Gotsurve, India’s Ambassador to Mongolia, mentioned the availability of coking coal, gold, copper, and other key minerals in Mongolia, along with a special treaty with Russia providing tariff rebates up to 50-60% on goods sent there, thus providing more opportunities for Indian exporters. Opportunities for collaboration were also identified in the automobile and pharmaceuticals sector.

Lkhagvajav Baatarjav, President of MNCII, noted Information Technology, tourism and advanced technology as critical pillars for collaboration. Madhav Singhania of CII offered a six-point agenda intended to enhance bilateral ties, including mining, energy, e-mobility, pharmaceuticals, startups and education.

The forum encompassed strong participation from industry leaders with focus for collaboration related to agribusiness, infrastructure, renewable energy, transport corridors, gold refineries and critical minerals, for economic relationship between India and Mongolia.