Union Minister Dharmendra Pradhan on Friday emphasised on strengthening bilateral trade between India and Mongolia in information and communication technology, pharmaceutical and health care.
Volume of bilateral trade between India and Mongolia still remains low, Petroleum & Natural Gas and Steel Minister Pradhan said at a meeting attended by a Mongolian business delegation led by Mongolian President Khaltmaagiin Battulga, who is on a five-day visit to India.
The minister, however, added that the bilateral trade has good prospects to grow as is evident from the upward trend seen in the past few years.
In 2018, our bilateral trade increased to USD 53 million from USD 33 million in 2017, registering a rise of about 40 per cent, he said, adding that there is a tremendous scope to further increase two-way trade commensurate with existing complementarities and our excellent relations.
"India and Mongolia are already working together in the area of cybersecurity and both nations can jointly capitalise on economic opportunities in the digital domain. Our collective focus should be to further expand existing opportunities of cooperation in IT, communication technology, pharmaceuticals and health care," he said.
Education, Pradhan said, is another area for collaboration.
More From This Section
India is already providing training opportunities for Mongolian youth through its scholarship schemes, he said.
Pradhan further said Mongolia has vast cattle resources with woolen products as prime focus of export and, hence, there is enormous potential for dairy development.
Health care is another promising area. India has made significant progress in the pharmaceutical and health care sector. The two countries can work together to create partnerships for affordable modern health care in Mongolia, he added.
"Similarly, given India's vast heritage of traditional medicines and the immense interest in Mongolia for traditional medicines, we can undertake joint promotion activities. India is keen to share its experience in promoting Ayurveda products and in setting up a research and development centre in Mongolia," Pradhan said.
There is a potential for cooperation in tourism also as greater number of Indians are travelling abroad in recent years. Mongolia, with its vast steppes and natural beauty, can emerge as a major tourist destination for Indians, the minister said.