Prime Minister Narendra Modi has landed in Mongolia. What occasions Modi’s interest in Mongolia? Is it the vast Uranium reserves of the country? Or is it just a diplomatic visit? While you chew on that, here are 8 things you probably didn’t know about this fascinating country.
1. Modi: The First Indian Prime Minister in Mongolia
Narendra Modi is the first Indian Prime Minister ever to visit Mongolia. Earlier, Mongolia was visited by Presidents — Pratibha Devisingh Patil (2011) and R.Venkataraman (1988) .
2. Why Mongolia Matters
Uranium is sure to feature on the agenda of Modi’s official talks with his Mongolian interlocutors. Afterall, Mongolia was among the first few countries to sign a uranium deal with India. Mongolia is a very resource-rich country with huge deposits of coal, gold, copper, tin, uranium and iron ore.
3. A Progressive President
President of Mongolia Tsakhiagiin Elbegdorj is the country’s most prominent post-communist leader. He led the peaceful democratic revolution in 1990 that ended 70 years of communist rule in Mongolia and was elected President on May 25, 2009.
4. Mongolia’s Political Climate
The sparsely populated nation of 3 million people (who live in an area of 600,000 square miles), is a fully-functional democracy. Yet, it had parliamentary and presidential elections in 2012 and 2013 respectively.
These back to back elections scared off foreign investors and foreign investment dropped by over 50% in 2013, but came back up by 60% in 2014.
5. The Scare of the Chinese Dragon
Leaders of mainly Buddhist Mongolia eye China with suspicion and are wary of the larger nation’s intentions. China accounts for about 60% of Mongolia’s foreign investments and for nearly two-thirds of Mongolia’s exports. Mongolian leaders want to see their country reduce its over-dependence on China.
6. The Mines of Good Fortune
Robert Friedland, an international financier and major player in the mining industry, is credited for discovering Mongolia’s Oyu Tolgoi copper-gold deposit in 2001.
The ore deposit here is staggering — running for some 20 miles beneath the Gobi Desert. When fully operational, in 2020, this mine will produce 4,50,000 tonnes of copper and 3,30,000 ounces of gold a year.
Thanks to the discovery, Mongolia’s GDP has shot up from $1.268 billion in 2001 to roughly U.S. $12 billion in 2014.
7. Mongolia on the Fast Track to Growth
While nomadic Mongols live the simple life, their city cousins in the capital Ulan Bator live a fast-paced life. Many Mongolians have bought wholeheartedly into the global economy, capitalism and consumerism. Ulan Bator’s avenues are clogged with cars and office-goers, a sight not seen a few years ago.
8. Mongolia’s India Connect
Did you know that the Mughals trace their ancestry to Mongolia? The first Mughal emperor Babur’s maternal ancestor was Genghis Khan. In fact the word ‘Mughal’ is derived from the word Mongol.
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