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Economy / Featured News / Mongolia News / Politics / August 22, 2014

Xi Jinping Arrived to Sign Crucial Agreements

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This morning at 11:00 am (Thursday 21st of August), the Chinese President, Xi Jinping, landed in Mongolia with his wife for an official visit upon the invitation of Ts. Elbegdorj. After landing, they were greeted by the Prime Minster, N. Altankhuyag, and his wife, Kh. Selenge, and the Foreign Affairs Minister, L. Bold. His visit will last for two days and will involve a series of important meetings. This afternoon, Xi Jinping and his wife met with the Ts. Elbejdorj and his wife at Chinggis Square at 16:00 pm which led into a meeting beginning at 16:45 pm.

After the meeting, it is expected that both parties will sign over ten agreements including one regarding the development of transit transportation. As a landlocked country, Mongolia will have the opportunity to discuss the progress of this project with the help of China to allow it access to the Pacific Ocean. This is seen as a chance to define the development of Mongolia during the next 20 years.
As of 2013, trade between China and Mongolia estimated USD 5.4 billion. Of this value, USD 3.7 billion came from exported products to China and the rest came from imported products. Approximately 90 percent of all exported items were mining products. Another important issue that will be discussed is the change in protocol regarding a prisoner transfer agreement. There are currently 40 Mongolians that are jailed in China, and the approval of this agreement will allow Mongolia to bring the prisoners back.
Last year, the Mongolian Prime Minister visited China on an official visit. Then, Erdenes Tavan Tolgoi, Energy Resources and Tavan Tolgoi signed a memorandum with Xinhua Energy. This is expected to last 20 years and will export one billion tonnes of coal. Today, Erdenes Mongol and China Railway Engineering Corporation (CREC) signed onto the memorandum.
CREC ranks 112th out of 225 global contractors. It is a state-owned construction company and is considered to be the largest construction company in the world. CREC is involved in a wide array of infrastructural projects overseas, especially throughout Southeast Asia and Africa. The company is made up of 31 member enterprises: 16 super-large construction enterprises, 3 large surveying and designing enterprises, 3 large research and development enterprises, 5 large manufacturing enterprises and 4 other organizations run by Headquarters.

 

SOURCE: Mongolian Economy




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