India-Mongolia trade nearly doubles amid strengthening ties across culture, energy
Bilateral trade between India and Mongolia has nearly doubled in just one year, rising from USD 60 million in 2023 to USD 110 million in 2024. This significant growth reflects the deepening economic and diplomatic cooperation between the two nations, which have been celebrating 70 years of diplomatic relations and a decade of strategic partnership, reports 24brussels.
India’s Ambassador to Mongolia, Atul Malhari Gotsurve, emphasized that this surge in trade illustrates a strengthening partnership across diverse sectors, including mining, renewable energy, and cultural exchange. “We are celebrating the 70th anniversary of India-Mongolia relations and the 10th anniversary of the strategic partnership. The two nations are spiritual siblings, linked through our shared Buddhist heritage,” he remarked.
Additionally, Mongolia has expressed its support for India’s bid for permanent membership at the United Nations Security Council (UNSC) and shown interest in joining India’s International Solar Alliance initiative. During the India-Mongolia Business Forum held in New Delhi, Ambassador Gotsurve noted remarks from Mongolian Deputy Prime Minister S Amarsaikhan, highlighting Mongolia’s potential for Indian businesses. He quoted Dr. Amarsaikhan: “In 2023 India-Mongolia bilateral trade relations were 60 million USD and today it is 110 million USD which will surge further… Indian companies have shown interest in bringing cooking coal, copper and other mining elements.” Both countries are actively working to enhance trade and investment in the future.
As economic cooperation progresses, efforts to fortify cultural and developmental ties continue. During a joint press conference, Prime Minister Narendra Modi announced the introduction of free e-visas for Mongolian citizens alongside signing a Memorandum of Understanding (MoU) between Ladakh’s Autonomous Hill Development Council and Mongolia’s Arkhangai Province to encourage enhanced people-to-people exchanges.
“Even though we do not share a border, India has always considered Mongolia a close neighbour. The MoU signed today will give a fresh boost to our cultural ties,” PM Modi said, introducing an annual sponsored visit for young Mongolian cultural ambassadors to India, aimed at deepening cultural connections.
Secretary (East) P Kumaran reported that Mongolia reaffirmed its support for India’s permanent UNSC membership and its candidacy for a non-permanent seat in 2028-29. Additionally, Mongolia has endorsed the International Big Cat Alliance framework and welcomed India’s proposal to appoint a resident defence attaché in Ulaanbaatar, signaling expanding defence cooperation.
The gratis e-visa policy for Mongolian nationals complements the existing free visa regime, thereby enhancing people-to-people ties between the two nations. Mongolian President Khurelsukh Ukhnaa, who arrived in New Delhi on Monday for a four-day state visit, engaged with Prime Minister Modi and External Affairs Minister S. Jaishankar to discuss future cooperation. During his visit, President Ukhnaa also paid tribute to Mahatma Gandhi at Rajghat and planted a sapling under the “Ek Ped Maa Ke Naam” initiative.
Highlighting India’s ongoing USD 1.7 billion Oil Refinery Project in Mongolia—its largest development partnership project globally—PM Modi reiterated, “India has been a strong and reliable partner in Mongolia’s development,” noting that over 2,500 Indian professionals are currently collaborating with their Mongolian counterparts on this critical initiative.
