Prime Minister S.Bayar is visiting Germany between March 25-30 2009.
In his first day of visit, Prime Minister S.Bayar met with delegates from Thussen krupp, a state owned company. The company developed the feasibility of coal extracting factory based on Tugrug Nuur coal mine, together with the Mongolian Industrial Corp. It also started negotiations with some Mongolian companies in jointly building cocking coal factory with capacity of 1.0 million ton cocking coal product per year. At the end of the meeting, the company delegates expressed its interest in investing and establishing cooperation in mining industry, especially in cocking coal production and buying.
Prime Minister S.Bayar exchanged his opinion in mining industry and welcomes German companies in investing into Mongolia. Also he stated that Mongolia plans to build around 2000 km railroads connecting mining deposits, while developing the Mongolian railway, connecting Asia to Europe.
At the end of the meeting he signed on MOU on technical and economy cooperation with Thussen krupp.
Prime Minister also met with delegates from Siemens company and gave interview to Deutsche Welle TV channel.
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Very good news! However the procedures are rather expensive so large amounts of investment capital are needed. When the government would follow the principal first things first and foreign investors wouldn’t any longer be scared away by the delay of the signing of major investment agreements like continuous saga of TT and OT mining projects, investors would feel much more comfortable towards investing in Mongolia.
Specially since Thyssen Krupp is not a state owned company but a stock listed company, it will have to defend a high investment in Mongolia during the current economic situation to its shareholders!