AKIPRESS.COM - More than 200 businesses took part in Mongolia-India business forum was held on January 20 within the framework of the 65th diplomatic anniversary between Mongolia and India, Montsame reports.

The two countries are mainly partner in the areas of agriculture, information technology, medicine supply, heavy industry and food. Trade turnover between the two countries grew up by 40 percent or reached USD 52.7 million in 2018, which was USD 32 million in 2017. Whereas, it showed a decrease to USD 38 million in 2019.

When Mongolia joins the Asia-Pacific Trade Agreement (APTA), officials consider that economic cooperation between Mongolia and India would be expanded sustainably.

Ambassador of India to Mongolia M.P.Singh pointed out that bilateral cooperation has been intensifying in recent years. In particular, construction of the first oil refinery in Mongolia will commence this year with financing of USD 1.23 billion soft loan of India.

Although Mongolia imports medicines, pharmaceutical preparations and hospital equipment and devices from India, domestic manufacturers began working to introduce Mongolian medicines into Indian market.