Prime Minister Narendra Modi on Sunday said that India would provide an amount of USD one billion to support the expansion of Ulaanbaatar's economic capacity and infrastructure, adding that Mongolia is an integral part of his government's 'Act East' policy.
"India will provide a line of credit of one billion US dollars to support expansion of Mongolia's economic capacity and infrastructure. We will continue to participate in each other's defence exercise. The agreements today will deepen our cooperation in border and cyber security," said Prime Minister Modi.
"We have agreed [that] India will help establish a cyber security centre in the Mongolia defence and security establishment. We agreed that economic growth in our two countries is opening up new opportunities. Today, Mongolia is also an integral part of India's Act East policy. We can work together to establish peace and stability in the region," he added.
The Prime Minister further said that India will always fulfill the responsibility of being Mongolia's 'spiritual' neighbour.
"I am delighted to visit Mongolia; it is a great honour to be the first Indian prime minister to do so. I am deeply grateful for your welcome and hospitality that has touched our hearts. You have called us your spiritual neighbour; we will always fulfil the responsibility that comes with this honour," he added.
Earlier in the day, the Prime Minister visited the Gandantegchinlen monastery in the city, where he interacted with the Hamba Lama and gifted him a sapling of a Bodhi tree.
This was followed by a ceremonial welcome that was accorded to him at the Mongolian State Palace at the Chinggis Khaan Square, where he also signed the guestbook.
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Prime Minister Modi is later scheduled to address the Mongolian Parliament, the first foreign leader to address the members on Sunday, a holiday. He will also call on Mongolian President Tsakhiagiin Elbegdorj and will lay the foundation stone of the IT centre at the Mongolian University of Science and Technology.
Prime Minister Modi, who arrived in Ulaanbaatar on Saturday night, is the first Indian prime minister to visit Mongolia. He shall depart for Seoul, the final destination of his three-nation tour, on Monday morning.