Russia wants $1 bln trade with Mongolia by 2010
Russia wants to increase bilateral trade with Mongolia to $1 billion by 2010, a source in the Kremlin said on Thursday.
Mongolian President Nambaryn Enkhbayar will be in Moscow on a three-day working visit starting Thursday, and is set to meet with Russian President Dmitry Medvedev on May 16. The source said such a level of trade would equal the figures seen during the Soviet era.
Bilateral trade has been growing steadily between Russia and Mongolia in the past few years. Last year, trade hit $677 million, up 28.3% against 2006. Russian exports to Mongolia increased 28.4%, and imports from the country rose 28.2% in 2007.
Russia is Mongolia’s second largest economic partner after China. Last year, Russia exported to Mongolia oil and mineral products, food, agricultural raw materials, vehicles, equipment and chemicals. Russia invested over $2.2 million in Mongolia last year, against $500,000 in 2006. Mongolian investment in Russia reached around $7 million in 2007. Russia is currently studying the possibility of the construction of a small or medium-capacity nuclear power plant in Mongolia. According to Mongolian estimates, uranium reserves in the country amount to 60,000 metric tons. However, Russian experts have assessed Mongolia’s uranium reserves at 120,000-150,000 tons. (rian.ru)
SUPPORT THE BUDAPEST BUSINESS JOURNAL
Producing journalism that is worthy of the name is a costly business. For 27 years, the publishers, editors and reporters of the Budapest Business Journal have striven to bring you business news that works, information that you can trust, that is factual, accurate and presented without fear or favor.
Newspaper organizations across the globe have struggled to find a business model that allows them to continue to excel, without compromising their ability to perform. Most recently, some have experimented with the idea of involving their most important stakeholders, their readers.
We would like to offer that same opportunity to our readers. We would like to invite you to help us deliver the quality business journalism you require. Hit our Support the BBJ button and you can choose the how much and how often you send us your contributions.