Mongolian Delegates visits IBJA to discuss business prospects

SmallMongolianOn 31st March 2014, Mongolian delegates visited the India Bullion and Jewellers Association (IBJA) to talk about the business opportunities for jewellers in Mongolia. President of IBJA, Mr. Mohit Kamboj in presence of other directors of the organisation welcomed the team and discussed different prospects of business with them.

Vice mining minister of Mongolia, Oyu Erdenebulgan and other dignitaries from the country had accompanied him to the meet. Mr. Erdenebulgan expressed that he was proud to be present at the IBJA House, a trade body that is responsible for trading of more than 70 per cent of gold from the city. He said, “Mongolia is tenth richest country in fuel and metal resource and India being one of the largest consumers of the gold we would like to do some business with the country.”

Erdenebulgan referred to the long-lasting relationship with India and the good relations maintained between the two countries. He adds, “We are here to sell some gold. Though we are still under exploration, the country already extracted 3000 tonnes of gold.” The members and directors of the association showed keen interest to do some business with Mongolians.

One of the members tried to seek whether the prevailing socio-political condition of the country is conducive for the business. Mr. Erdenebulgan replied, “We are democratic country and we don’t interfere with private businesses, anyone who would like to do business with us will be offered all the privileges offered to any private business in the country.” Further discussing about the tax implications, minister cleared that Mongolia is known to offer lowest taxes.

conversationMonogolianThe delegates also welcomed the members to invest in mines and assured that jewellers will be liberal and there will be no interference on behalf of the government in their business. Adding on to this, Mr. Kamboj, suggested, “If anyone here is interested in investing in mines of Mongolia, we can ask the government of Mongolia to invite us in their country and take us on a tour to their mines to understand the prevailing business conditions in the country.”

Mr. Erdenebulgan concluded the meet by inviting the investors and they look forward to meet the Indian investors at Mongolian Mine Association and take it forward from there. Later, Mr. Kamboj felicitated all the delegates of Mongolia with bouquet and shawl. The Coffee Table Book was also presented to them to know about IBJA better.