1. Narendra Modi announces $1 bn credit line to Mongolia

Narendra Modi announces $1 bn credit line to Mongolia

Narendra Modi, the first Indian Prime Minister to visit Mongolia, held talks with his counterpart Chimed Saikhanbileg.

By: | Ulan Bator (mongolia) | Updated: May 17, 2015 11:52 AM
narendra modi mongolia

Ulaanbaatar: PM Narendra Modi being welcomed upon his arrival at Chinggis Khaan International Airport in Ulaanbaatar, Mongolia on Saturday. (PTI)

India today announced a USD one billion credit line to Mongolia to support its infrastructure development as the two countries decided to deepen cooperation in border security and explore the huge potential of tie ups in civil nuclear sector, mining, healthcare and other areas.

Prime Minister Narendra Modi, who is on a two-day visit to Mongolia, the first ever by an Indian Premier, held wide-ranging discussions with his Mongolian counterpart Chimed Saikhanbileg, pledging to take bilateral economic partnership to a new level.

“Today, Mongolia is also an integral part of India’s Act East Policy,” Modi said in a statement at a joint press meet with the Mongolian premier at the State Palace here.

“The destinies of India and Mongolia are closely linked with the future of Asia Pacific region. We can work together to help advance peace, stability and prosperity in this region,” he said.

The two Prime Ministers signed a joint statement committing to further consolidate bilateral ties and upgrade the comprehensive partnership to “strategic partnership” and agreed to renew their Treaty of Friendly Relations and Cooperation.

The two sides inked 13 other pacts that includes one on enhancing cooperation in border guarding, policing and surveillance, air services, cyber security and new and renewable energy.

On a day of packed schedule, Modi addressed the Mongolian Parliament, which was specially convened on a holiday, saying this is a region of ancient wisdom and youthful dynamism.
“It is a continent that is expected to lead the world in the 21st century. “Yet, this is also a region that lives on the uneasy edge of uncertainty, of unsettled questions, of unresolved disputes and of unforgotten memories,” he said.

India and Mongolia support the evolution of open, balanced and inclusive security architecture in the Asia Pacific region based on collected efforts, considering legitimate interests of all states of the region guided by respect for norms and principles of international law, the joint statement said.

Both leaders underlined the urgent need for reform of UN Security Council by expanding in both permanent and non-permanent categories to reflect contemporary realities and make it more representative and effective in dealing with emerging challenges.

They stressed that 2015 being the 70th anniversary year of the United Nations provides a historic opportunity to push for concrete outcomes on the unanimous call for “early reforms” of the Security Council made collectively by all Heads of States and Governments in 2005.

On its part, Mongolia reiterated its support to India’s candidature for permanent members of the UNSC when the expansion takes place.

Both India and Mongolia have agreed to offer reciprocal support for their bids for a non-permanent seat in the UNSC for 2021-22 and 2023-24 respectively.

The two leaders noted that the nature and spread of international terrorism in recent years posed a threat to all humanity and required global resolve and cooperative measures of the international community without double standards or selectivity.

They agreed to direct concerned officials to work together for the adoption of the Comprehensive Convention on International Terrorism. They hoped that all safe havens and sanctuaries for terrorists will be wiped out without delay. A treaty was inked by the two sides on the transfer of sentenced persons.

On economic cooperation, Modi and Saikhanbileg 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.

The two leaders agreed to encourage Indian companies to further explore cooperation opportunities in Mongolia’s mining sector through joint ventures and investment.

The Prime Minister said the convergence of Buddhism and democracy provided the two countries a path to build an Asia of peace and cooperation, harmony and equality.”This is a region that has woken up to its reality,” he said.

Earlier, the Prime Minister planted a sapling of the Mahabodhi tree in the 19th century-built Gandan Tegchinlen Monastery.

He also laid the foundation stone for the expansion and upgrading of the Atal Bihari Vajpayee Centre for Excellence in information and Communication technology.

Later, he drove down to the National Cancer Centre and handed over the Bhabhatron equipment that can help treat cancer in Mongolia. This is the first demonstration of India cooperation with Mongolia in the civil nuclear sector.

Calculate your income tax post budget 2018 through this Income Tax Calculator, get latest news on Budget 2018 and Auto Expo 2018. Like us on Facebook and follow us on Twitter.

  1. M
    mohan
    May 17, 2015 at 12:28 pm
    News on Jun 21, 2012 - India offers $10 billion (Rs. 55,000/- crore) to combat fallout of the eurozone crisis. Dr MMS pledged an additional $ 10 billion to IMF’s firewall against a eurozone financial conflagration. The Indian mainstream media described it as a right step at the right time because if the eurozone collapses the Indian economy will be badly hit as well, as the European Union happens to be one of India's biggest export markets. Indian taxpayer's hard-earned money was added ROTHSCHILD and ROCKEFELLER bank's account
    Reply

    Go to Top