Bilateral trade between India and Mongolia nearly doubles as the two nations mark 70 years of diplomatic ties and deepen their strategic and cultural partnership…reports Asian Lite News
Bilateral trade between India and Mongolia has nearly doubled in just one year, rising from $60 million in 2023 to $110 million in 2024. The surge reflects the strengthening of economic, cultural, and diplomatic relations between the two nations as they celebrate 70 years of diplomatic ties and a decade of strategic partnership.
India’s Ambassador to Mongolia, Atul Malhari Gotsurve, said the sharp rise in trade is a sign of expanding collaboration across multiple sectors. “We are celebrating the 70th anniversary of India-Mongolia relations and the 10th anniversary of the strategic partnership. The two nations are spiritual siblings, linked through our shared Buddhist heritage,” he said.
He noted that cooperation has deepened in mining, renewable energy, and cultural exchange. Ambassador Gotsurve added that Mongolia has also declared its support for India’s bid for permanent membership of the United Nations Security Council (UNSC) and expressed interest in joining India’s International Solar Alliance initiative.
At the India-Mongolia Business Forum in New Delhi, Ambassador Gotsurve said the momentum in trade was a key topic of discussion. “In 2023 India-Mongolia bilateral trade relation were $60 million and today it is $110 million which will surge further… Dr Amarsaikhan, Deputy Prime Minister of Mongolia, explained how Mongolia is good for Indian businessmen… Indian companies, on the other hand, have shown interest in bringing cooking coal, copper and other mining elements…,” he said, adding that both countries are working to expand trade and investment in the years ahead.
Mongolian Deputy Prime Minister S. Amarsaikhan underscored the opportunities for Indian investors in mining, energy, and infrastructure, describing Mongolia as an emerging frontier for Indian businesses seeking reliable partners in Central Asia.
Economic engagement was accompanied by new steps to enhance cultural and developmental ties. During a joint press statement on Tuesday, Prime Minister Narendra Modi announced the introduction of *free e-visas* for Mongolian citizens, a move aimed at easing travel and promoting tourism and business links.
“Even though we do not share a border, India has always considered Mongolia a close neighbour. The MoU signed today will give a fresh boost to our cultural ties,” Prime Minister Modi said, referring to a new Memorandum of Understanding (MoU) between the Ladakh Autonomous Hill Development Council and Mongolia’s Arkhangai Province. The agreement aims to promote people-to-people exchanges and cultural cooperation.
Modi also announced an annual sponsored visit for young Mongolian cultural ambassadors to India, a programme designed to deepen mutual understanding and nurture long-term cultural partnerships.
Briefing the media on the visit, Secretary (East) P. Kumaran said Mongolia reaffirmed its support for India’s permanent membership of the UNSC and backed its candidature for a non-permanent seat for 2028-29. He said Mongolia also became a signatory to the *International Big Cat Alliance* framework and welcomed India’s decision to post a resident defence attaché in Ulaanbaatar — a step seen as signalling stronger defence cooperation.
The new gratis e-visa policy for Mongolian nationals complements the existing free visa regime, further reinforcing people-to-people ties. Indian officials said the move would encourage more tourism, student exchanges, and cultural collaboration between the two Buddhist-majority nations.
Mongolian President Khurelsukh Ukhnaa, who arrived in New Delhi on Monday for a four-day state visit, met Prime Minister Modi and External Affairs Minister S. Jaishankar to outline the next phase of cooperation between the two nations. President Ukhnaa also paid homage to Mahatma Gandhi at Rajghat and joined Prime Minister Modi in planting a sapling under the “Ek Ped Maa Ke Naam” initiative.
The discussions between the two leaders also focused on India’s $1.7 billion Oil Refinery Project in Mongolia — the largest development partnership project undertaken by India anywhere in the world. The project, once completed, is expected to significantly enhance Mongolia’s energy independence and reduce its reliance on imports.
“India has been a strong and reliable partner in Mongolia’s development,” Prime Minister Modi said. He noted that more than 2,500 Indian professionals are currently working alongside Mongolian counterparts on the refinery project.
Officials said the refinery will play a key role in deepening industrial and energy ties, opening new opportunities for bilateral collaboration in engineering, infrastructure, and technical training.
As the two nations celebrate 70 years of diplomatic engagement and 10 years of strategic partnership, leaders on both sides have highlighted that their relationship — rooted in shared history and faith — is evolving into a modern, multifaceted partnership focused on trade, energy, and sustainable development.
The recent agreements and announcements during President Ukhnaa’s visit have been widely viewed as a reaffirmation of India’s “Act East” policy and its growing engagement with Central Asia. With trade nearly doubling in just one year, officials say the relationship is entering a new phase of growth built on mutual trust, spiritual affinity, and shared developmental goals. (ANI)
