India Grants $1 Bn Credit To Mongolia; Deepens Defence Ties

ULAN BATOR: India on Sunday announced a $1–billion credit line to Mongolia for infrastructure development as the two countries upgraded their ties to “Strategic Partnership” and agreed to deepen defence cooperation besides exploring potential for tie-ups in areas like the civil nuclear sector.

Prime Minister Narendra Modi, who is on a two-day visit to Mongolia, the first ever by an Indian premier, held wide-ranging discussions with his Mongolian counterpart Chimed Saikhanbileg and the two leaders pledged to take bilateral economic partnership to a new level.

"Today, Mongolia is also an integral part of India's Act East Policy," Modi said.

“The destinies of India and Mongolia are closely linked with the future of Asia Pacific region. We can work together to help advance peace, stability and prosperity in this region.”
 

After their talks, the two Prime Ministers signed a joint statement committing to further consolidate bilateral ties and upgrade the comprehensive partnership to "strategic partnership" and agreed to renew their Treaty of Friendly Relations and Cooperation.

The two sides inked 13 other pacts that includes one on enhancing cooperation in border guarding, policing and surveillance, air services, cyber security and new and renewable energy.

Stating that it was a great honour to be the first Prime Minister of India to visit Mongolia, Modi said, "It is a special privilege to come on the occasion of two important milestones that unite us – 25 years of democracy in Mongolia and 60 years of diplomatic relations between our two nations."

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