India-Mongolia business and trade ties on the upswing


March 2, 2020

New Delhi

India-Mongolia business and trade ties on the upswing

Business and industry representatives from Mongolia called for a Conference and Photo Exhibition on Indo- Mongolia Relations at PHD Chamber of Commerce and Industry, to enable greater economic cooperation between the two countries that would result in an expansion of business ties between the countries.

H.E. Mr. Gonchig GANBOLD, Ambassador Extraordinary and Plenipotentiary of Mongolia said that India shares the oldest ties in Asia with Mongolia. The India-Mongolia economic cooperation is the shining example of our lasting friendship, he added.

Mongolia and India have shared a spiritual heritage in glorious past, said Mr GANBOLD.

Mr Gonchig cited an example of the similarities between the trade culture, tradition, way of life of Indo-Mongoloids in Himalayan Valley and North east of India, he stressed upon the promising strategic partnership and increasing bilateral relations and cooperation at the visit of Indian Prime Minister Mr. Narendra Modi in 2015.

Dr D K Aggarwal, President PHD Chamber of Commerce and Industry, while welcoming the eminent speakers and the august gathering stated the India-Mongolia relationships and Interaction are based on three pillars i.e. Dharma of Buddhism, Democracy and strategic partnership.

The national symbol of Mongolia ‘Soyombo’ is derived from Sanskrit svayambhu which means self-created, said Dr Aggarwal.

Highlighting about India’s relationship with Mongolia, Dr. Aggarwal stated that the trade between Mongolia and India is growing, providing increasing opportunities of trade for the country.

Dr Prof O Nyamdavaa, Former Ambassador of Mongolia to India, thanked and appreciated PHD Chamber of Commerce and Industry for providing the opportunity. He reiterated India as the largest democracy with immense warmth of welcoming people with greatness of culture and spirituality. Spirituality is a big Investment, Dr Nyamdavaa added.

The main focus of the Mongolian economy is to promote tourism and trade economic relations, said Dr Nyamdavaa.

Dr Nyamdavaa stated that India and Mongolia economies have significant potential to enhance trade and investment, hoping that trade, investment, and business relations would grow in the future.

Mr. Naveen Seth, Principal Director, PHDCCI, while moderating the session apprised the distinguished guests and participants about the proactive role the Chamber is playing in promoting the bilateral trade relations between the two countries. He apprised the audience about the exclusive support received from Department of Commerce to the Chamber to take it forward.

The conference was well attended by the members of the Chamber representing the SMES of India. The formal vote of thanks was delivered by Mr Vivek Aggarwal, Chair, International Affairs Africa, PHDCCI.


Media Division

PHD Chamber of Commerce and Industry