India recently announced a $1-billion credit line to Mongolia for infrastructure development as they upgraded their ties to strategic partnership and agreed to deepen defence cooperation besides exploring potential for tie-ups in areas such as the civil nuclear sector.
- The two countries have inked 13 other pacts that include one on enhancing cooperation in border guarding, policing and surveillance, air services, cyber security and new and renewable energy.
- A treaty was inked by the two sides on the transfer of sentenced persons.
- On economic cooperation, the countries have agreed to encourage development of equal and mutually beneficial trade, investment and economic cooperation, which is balanced, sustainable and leads to prosperity in both countries.
- It was also agreed to encourage Indian companies to further explore cooperation opportunities in Mongolia’s mining sector through joint ventures and investment.
Sources: The Hindu, TOI.