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

The two leaders agreed to encourage Indian companies to further explore cooperation opportunities in Mongolia's mining sector through joint ventures and investment. The Prime Minister said the convergence of Buddhism and democracy provided the two countries a path to build an Asia of peace and cooperation, harmony and equality. "This is a region that has woken up to its reality," he said.

They underlined the urgent need for reform of UN Security Council by expanding in both permanent and non-permanent categories to reflect contemporary realities and make it more representative and effective in dealing with emerging challenges. They stressed that 2015 being the 70th anniversary year of the United Nations provides a historic opportunity to push for concrete outcomes on the unanimous call for "early reforms" of the Security Council made collectively by all Heads of States and Governments in 2005.

On its part, Mongolia reiterated its support to India's candidature for permanent members of the UNSC when the expansion takes place. Both India and Mongolia have agreed to offer reciprocal support for their bids for a non-permanent seat in the UNSC for 2021-22 and 2023-24 respectively.

Modi said the cooperation between National Security Councils of the two countries would provide a strategic framework for cooperation.

"There is huge potential in civil nuclear sector, mining, healthcare, pharmaceuticals and dairy. We should also explore the possibilities of using digital technology to expand our economic relations," he said.

He also announced to increase the ITEC training slots for Mongolia from 150 to 200 and establish an India-Mongolia Joint School.

"I conveyed to Prime Minister that we greatly value our international partnership, which is based on our friendship, shared spiritual heritage and democratic values. These also provide solid foundation for our cooperation in our region," Modi said, adding that the two countries are starting a "new era in our partnership".

Earlier, the Prime Minister planted a sapling of the Mahabodhi tree in the 19th century-built Gandan Tegchinlen Monastery. He also laid the foundation stone for the expansion and upgrading of the Atal Bihari Vajpayee Centre for Excellence in information and Communication technology.

He later drove down to the National Cancer Centre and handed over the Bhabhatron equipment that can help treat cancer in Mongolia. This is the first demonstration of India cooperation with Mongolia in the civil nuclear sector.

Modi, who arrived here from China last night on the second leg of his three-nation tour, was given a ceremonial welcome at the State Palace this morning.

India has a strong linkage of Buddhism and democracy with Mongolia and was the first country outside the Soviet bloc to establish diplomatic relations with it.

India feels that there is excellent potential for cooperation with Mongolia in the minerals sector. Mongolia is mineral-rich country in coking coal, copper, rare earths and uranium.

India already has a civil nuclear agreement with Mongolia which provides for uranium exports to the country once the domestic laws here permit prospecting and mining.

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