Mongolia eyes enhanced investment ties with Canada

Canadian House of Commons Speaker Geoff Regan on Friday concluded his two-day visit to Mongolia, with agreement reached between the two sides on promoting two-way investment.

During his visit, Regan has expressed his belief that the trip would contribute to taking bilateral relation of the two countries to a new level.

"Canada and Mongolia have many similarities...both economies are hit by global commodity market price ups and downs," he said.

Mongolian officials stressed during Regan's visit that foreign investment, including those from Canada, will be encouraged and protected in Mongolia.

Mongolian Parliament Speaker Mieygombo Enkhbold told Regan that his visit was important in bringing the relations of the two countries to a new stage.

"Despite the economic difficulty, the Mongolian government is focused on not creating burden for citizens and we consider that foreign investment is essential in improving the economic condition," Enkhbold said.

"Therefore, we will place special emphasis on encouraging, supporting and protecting investment made by our neighboring countries and other countries," Enkhbold added.

Enkhbold stressed that foreign investment in the land-locked country will be protected, adding "it is the duty of the Mongolian government to protect the safety of foreign investors in Mongolia and the government is taking concrete steps in this regard."

The Mongolian parliament speaker also expressed interest in uplifting the bilateral relationship to a comprehensive partnership level.

During the visit, representatives from the Mongolian and Canadian governments signed a "Mongolian and Canadian intergovernmental agreement on encouraging and mutual protection of investment."

Regan also met with Mongolian President Tsakhiagiin Elbegdorj and Prime Minister Jargaltulga Erdenebat during the visit. Endi