China and Russia are main economic partners of Mongolia: president.

NEW YORK, September 20 (Itar-Tass) - Mongolia seeks to maintain close
economic relations with Russia, which is its main economic partner along
with China, Mongolian President Tsakhiagiyn Elbegdorzh said in his speech
at the Asia Society research centre in New York on Tuesday.
"In the socialist times Mongolia was Soviet Union's country satellite
for 70 years," he said. At present the two countries enjoy close economic
relations, the president stressed.
"A lot of joint ventures have been set up. We would like to continue
this cooperation," the president stressed. He also emphasized that his
country welcomes political and economic interest from Russia.
The president noted that at the present moment Russia and China are
the main economic partners of Mongolia, which boasts rich natural
resources. He said this situation of his country sandwiched between two
major states is Mongolia's competitive advantage. "We must maintain good
relations with China and Russia, he said. "And they understand and respect
our decisions," he added.
The president also emphasized the importance of preserving a good
investment climate in the country. He said that when he meets with the
Russian leaders as well as with the leaders of China, Japan and the USA,
they express a wish to take part in concrete projects.
According to President Elbegdorzh, one of the main tasks of Mongolia's
present leadership is to ensure a balance of foreign investors' interests.
However, in cooperation with foreign partners, Mongolia always puts its
national interests first, the president stressed.
The Mongolian leader is on a visit in New York where he takes part in
the 66th session of the U.N. General Assembly.