Ulan Bator, May 29 (MTI) – Mongolia is set to become a key destination for Hungarian technology exports, Foreign Minister Peter Szijjarto told MTI by phone from Ulan Bator on Friday.
Szijjarto spoke after talks with Mongolian President Tsakhia Elbegdorj and Foreign Minister Lundeg Purevsuren, along with other ministers and the mayor of Ulan Bator.
Szijjarto said Mongolia is rich in mineral resources and is home to one of the largest undeveloped copper and gold deposits in the world.
The minister said Mongolia’s mining industry and dynamic agriculture have led to a consistent economic growth rate of at least 10 percent over the past several years.
This rapid rate of economic growth has generated a need for technological development, which provides an opportunity for significantly increasing Hungarian technology exports to Mongolia, Szijjarto added.
The minister said the expansion of Mongolia’s mining industry means that mining interests have to be harmonised with environmental protection and the interests of the population. Szijjarto said this was “the perfect field for Hungarian drinking water treatment and wastewater management technologies as well as the construction of water reservoirs”. The development of Mongolia’s agriculture has generated an increased demand for animal nutrition, veterinary and food industry know-how and technologies from Hungary, he added.
Szijjarto said competition from ZS, Chinese and Russian companies meant that Hungarian companies need to be supported by policy tools to be successful.
The minister said the re-opening of the Hungarian embassy in Ulan Bator on Friday was an important step in support of Hungarian companies.
The minister said Hungary’s Eximbank had set up a 48.8 million dollar credit line to fund bilateral trade, and agreed to launch a 5 million dollar joint credit line with Mongolia’s Golomt Bank.
Szijjarto said there were 400 people in Mongolia who had pursued university studies in Hungary, adding that these people were key players in promoting Hungary’s economic competitiveness in Mongolia. In order to ensure that it can rely on such key players in the future, Hungary has launched a scholarship scheme under which 100 Mongolian students will study in Hungarian universities from September, he said.