OTTAWA (AFP) — The governments of Canada and Mongolia will soon begin negotiating a bilateral pact aimed at protecting and promoting their respective foreign investments, Trade Minister David Emerson said Wednesday.
"Canadian companies are already significant investors in Mongolia and are keen to continue helping Mongolia develop its incredible potential," said Emerson in a statement, following a visit to the country.
"Our desire to put in place an investment agreement with Mongolia is a clear expression of Canada's commitment to building a strong long-term partnership between our countries."
Canada is the second largest investor in Mongolia after China, led by more than 20 mining and exploration firms with about 400 million dollars in assets in Mongolia, according to Natural Resources Canada estimates.
Bilateral trade with Mongolia reached 203 million dollars in 2006, an 18 percent increase from 2005.