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Russian, Mongolian Presidents Discuss Economic Ties

Russian President Vladimir Putin (left) greets Mongolian President Nambaryn Enkhbayar (ITAR-TASS) December 8, 2006 -- Russian President Vladimir Putin and Mongolian President Nambaryn Enkhbayar met today in the Kremlin to discuss economic ties.

Russian officials were earlier quoted as saying Russia is ready to make big investments in Mongolia, particularly in the coalmine of Tavan Tolgoi and the copper and gold reserves of Oyu Tolgoi.

Total investments by Russian companies in Mongolia since 1990 amount to just $45 million. Trade turnover last year amounted to $466 million.