On June 2, 2010, the opening of the Sino-Mongolian Economic and Trade Cooperation Forum was held in Ulan Bator. Chinese Premier Wen Jiabao and his Mongolian counterpart Sukhbaataryn Batbold attended the opening ceremony.

Addressing the opening ceremony, Wen said with the joint efforts of both sides, China-Mongolia economic and trade cooperation has been fruitful and has become an important pillar of bilateral ties. Currently bilateral trade has been growing vigorously with dynamic investment cooperation and effective project cooperation. China has been Mongolia’s largest trade partner for 11 successive years and China’s investment projects in Mongolia, as a model for China-Mongolia friendly cooperation, have strongly promoted local economic growth and enhanced the self-development capacity of Mongolia. Practice proves that the traditional friendship between China and Mongolia, as good neighbors and good partners, is solid and their economic and trade cooperation is equal and mutually beneficial.

The Chinese premier said China and Mongolia, both developing fast, have highly complementary economies and have broad prospects in economic and trade cooperation. He urged both sides to grasp the opportunity, conduct pragmatic cooperation and jointly push forward their economic and trade relations. Wen made the following four proposals on further boosting bilateral economic and trade cooperation. First, boost investment cooperation in mineral resources development and infrastructure construction. Funds and technological support will be provided for this endeavor. Both nations should push for the completion of a number of major projects at early dates, he said. Second, China supports its enterprises to import more farm and animal husbandry products from Mongolia and encourages them to invest in projects that create more jobs and improve the livelihood of local residents. Third, both sides should make specific efforts to implement the medium-term development outline for Sino-Mongolian economic and trade cooperation and continue to strengthen research on strategic issues. Both sides should improve rules and agreements on, and mechanisms of, cooperation in relevant areas to create favorable legal and policy environment for bilateral cooperation, Wen said. Fourth, both countries should further strengthen their ties within such multilateral cooperation frameworks as the Northeast Asia regional economic cooperation, the Shanghai Cooperation Organization and the Asia-Europe Meeting to provide greater development space for bilateral economic and trade cooperation.

Wen expressed belief that with the joint efforts by the governments and entrepreneurs of the two countries, China-Mongolia economic and trade relations will surely show great vitality and bring more benefit to both peoples.

In his speech delivered at the opening ceremony, Batbold said China, as Mongolia’s most important trade partner, has advantages in manufacturing and market, while Mongolia enjoys advantages in resources. There is huge potential for bilateral economic and trade cooperation. Mongolia hopes to enhance mutually beneficial cooperation with China in energy and mineral resources development, transport infrastructure and personnel training while developing good-neighborly partnership of mutual trust between the two countries. Mongolia welcomes Chinese businesses to actively expand investments in Mongolia and is ready to create favorable conditions to this end.

On the same day, Premier Wen also visited the Chinese Culture Center in Ulan Bator and unveiled the plaque for the center.