China supports firms investing in Mongolia

Premier Wen Jiabao on Wednesday urged more Chinese investment in <?xml:namespace prefix = st1 ns = "urn:schemas-microsoft-com:office:smarttags" />Mongolia while visiting its capital city, Ulan Bator.<?xml:namespace prefix = o ns = "urn:schemas-microsoft-com:office:office" />

"The focus is to push forward the cooperation in mineral resources exploration and infrastructure," he told an audience of Chinese and Mongolian business people at a seminar.

"We wish to materialize several major cooperative projects as soon as possible and promote the Sino-Mongolian economic and trade relations in full dimensions," said Wen.

The premier lauded the economic ties between the two nations.

Bilateral trade hit $2.4 billion last year, 50 times higher than in 1991. By the end of April, nearly 5,000 Chinese firms had invested $1.04 billion in resources-rich Mongolia. Chinese investment jumped 240 percent last year, despite the global economic downturn.