Canada to open trade office in Ulaanbaatar

{mosimage}Canada will open a permanent trade office in Mongolia to assist local Canadian businesses. Canadian firms have a reported $395 million in investments, including operating more than 20 mines. Canada is also Mongolia’s second largest investor.

Canada will open a permanent trade office in Mongolia to assist local Canadian businesses.

Canadian firms have a reported $395 million in investments, including operating more than 20 mines. Canada is also Mongolia’s second largest investor.

There is growing fears among western businesses that Mongolia may pass laws claiming ownership of at least 51 percent of mining deposits. Such a move could have a dampening effect on current and future foreign investments in Mongolia.

"Our companies that are extremely active in the region have been extremely vocal about these challenges and our government has taken every opportunity to raise our deep concern with our Mongolian counterparts," Ted Menzies, parliamentary secretary to the minister of finance, told The Canadian Press.

The new trade office was described as, "…..the Canadian voice on the ground that can be there…..These companies are over there operating and instead of calling us back here or the embassy in China we will have someone there," Menzies added.

mongolia-web.com