Submitted by MONTSAME on

In times of an investment decline by about 70% in Mongolia, the President of the People’s Republic of China Mr Xi Jinping paid a state visit to Mongolia, attracting the global attention to Mongolia.
Foreign media has described Mr Xi’s visit as Mongolia seeks an economic gate and an opportunity to export its products through Chinese seaports. In last two years, the Mongolian economy has been slackening because there was just one way for the country to export minerals to China.
The state visit of Mr Xi has opened a wide opportunity for Mongolia to tackle the transit transport and seaport issues. Thus, Mongolia is now able to export its mining products to third countries thanks to resolving the seaport and the transit transportation. Moreover, enterprisers of the countries reached agreements on a deep processing of coal, and a direct delivery of raw materials to producers.
During his visit to Mongolia, Mr Xi emphasized that the non-stop development of his country is creating a big opportunity or the largest market for Mongolia. He pointed out that the export and import turnover of China reached last year 14 trillion and 16 billion US dollars, and it is expected the China’s external trade turnover will reach 10 trillion US dollars and the foreign investments will approach 500 billion US dollars in five years.
Apart from this, the countries set a goal to increase the bilateral external trade turnover to 10 billion US dollars by 2020, which is twice as much as the current level. As of the previous year, the two-way external trade turnover reached 5.4 billion US dollars. Some economists of Mongolia call it as a beneficial deal.
During the visit, the countries signed a new currency swap agreement for a term of another three years, with its size expanded from RMB10 billion to RMB15 billion. The expansion of the currency swap agreement is crucial in helping to provide liquidity, when necessary, to maintain the stability of the financial market. It also will facilitate the further development of trade and investment between the two countries.
A visit of the Russian President to Mongolia is approaching.

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