Source: ABC News                    Date: 24 February, 2011

Mongolia's attempt to develop its vast mineral wealth of uranium, gold, coal and copper featured in discussions in Canberra on Wednesday between Prime Minister Julia Gillard and her Mongolian counterpart, Sukhbaatar Batbold. Ms. Gillard officially welcomed Mr. Batbold at Parliament House and four bilateral agreements were signed in areas of education, training, cabinet processes and scientific transfer.

"This is a remarkable day in the history of Australian diplomacy. This is the first visit by a Mongolian prime minister in the history of our Commonwealth," Ms. Gillard said. The land-locked country maintains strong ties with neighbors Russia and China, but in a policy called Third Neighbors it has consciously been building partnerships with other Asian and key Western nations.

Mr. Batbold says he has great hopes for the development of Mongolia and felt the Oyu Tolgoi project “would be very important for this". Mongolia urgently needs infrastructure development, education and skills training for its workers, along with agricultural aid and technological transfer, particularly in mining. "Mongolia does have a relatively young democracy for about 20 years but we are very proud that we have achieved a lot," Mr. Batbold said. "For these achievements we are very grateful to our friends and partners."

Ms. Gillard remarked on Mongolia's strong prospects for the future. "Your country has some of the world's richest mineral deposits and we know that Mongolia seeks partners in foreign investment and technical expertise to help realize that potential. Australia has such expertise and we offer it as friends," she said.

Austrade will open a permanent office in Ulaanbaatar to support the growing number of Australian companies operating there, she announced, adding that Australia is also boosting aid to Mongolia.