The meeting, organized under the auspice of Mongolia’s Deputy Prime Minister, was attended by over 300 businesspersons from Russia to hold business meetings and seek cooperation opportunities.

At the meeting chaired by Ch.Enkhbat, First Deputy CEO of Development Bank of Mongolia (DBM), the Mongolian side provided presentations on 'Three-pillar development policy of Mongolian government', 'Project-based investment environment in Mongolia', 'Investment opportunities in free zones' as well as 'A program on establishment of Mongolia-Russia-China Economic Corridor'. 
During the event, Mongolia’s Golomt and Khan Banks signed a Memorandum of Understanding (MoU) on cooperation with the Russian Agency for Export Credit and Investment Insurance (EXIAR).

In addition, more agreements were signed, for instance, ‘Financing Agreement’ between the DBM and Russia’s Vnesheconombank, ‘Cooperation Agreement’ by Mongolia’s Trade and Development Bank and Russia’s International Bank for Economic Co-operation (IBEC). As well, two MoU on establishing cooperation agreement were signed by Golomt Bank and IBEC, and by DBM Leasing Company and Vnesheconombank.

The meeting was concluded with an issuance of ‘Statement of Mongolia-Russia Cooperation in Finance and Investment Sector’. It aims to develop strategic partnership between the two countries, stimulate economy and trade turnover and ensure cooperation between organizations to implement mutually beneficial investment projects.

Prime Minister Shinzo Abe has expressed his desire to hold a summit meeting with North Korea with an aim to resolving the issue of Japanese nationals abducted by North Korea. The Japanese side intends to convey Japan’s stance to North Korea while probing Pyongyang’s intent through the contact in Mongolia.

The conference, known as the Ulaanbaatar Dialogue, is organized by the Mongolian government among others. Diplomatic officials including those from the Japanese Foreign Ministry and North Korea are scheduled to attend.

At the previous conference in June last year, a Japanese deputy director general of the ministry’s Asian and Oceanian Affairs Bureau briefly talked to a North Korean Foreign Ministry official at the Institute for American Studies.

Citing the fact that landlocked countries face unique and formidable obstacles, Mongolian Deputy Prime Minister Ulziisaikhan Enkhtuvshin said at the inauguration ceremony of the International Think Tank for Landlocked Developing Countries that the organization will strengthen the collective voice of these countries in global dialogues.

According to a World Bank report, the costs of foreign trade of landlocked countries are twice as high as countries with access to the sea, Enkhtuvshin said.

Delegates from member countries including Armenia, Kazakhstan, Kyrgyzstan, Afghanistan, Laos, and Paraguay will approve the legal documents of the organization and appoint a chairman.

They are expected to discuss issues such as foreign direct investment, information and communications, technology and connectivity during a two-day meeting.

"The initiative possibly provides Mongolia with economic opportunities that could to a certain extent offset the disadvantages associated with the lack of Mongolia's access to the sea," Batbold said on the sidelines of the Future of Asia conference here.

The Mongolian government is working to build the trilateral Mongolia-Russia-China economic corridor, which includes 32 projects such as modernizing Mongolian railroads and highways to Russia and China.

The government is also pursuing a Russian-Chinese oil and gas pipeline through Mongolia. The leaders of the three countries affirmed the importance of their economic cooperation at Saturday's meeting of the Shanghai Cooperation Organization in China.

Hit hard by falling commodity prices, resource-rich Mongolia has been receiving International Monetary Fund assistance under a program that began last year.

In foreign affairs, Mongolia has a "vital interest" in security on the Korean Peninsula, said Batbold, who served as prime minister from 2009 to 2012.

"Mongolia enjoys excellent relations with all countries in the region," he added.

He discussed the diplomatic roles that Mongolia has played, such as hosting the Ulaanbaatar Dialogue, a forum for interaction among government officials and researchers in countries such as China, Russia and the Koreas. Mongolia also hosted meetings between North Korea and Japan on the issue of abducted Japanese citizens.

"I heard that Ulaanbaatar was considered as one of the prime locations for the summit between [the U.S.] President [Donald] Trump and [North Korean leader] Kim Jong Un," Batbold said. "Maybe one of the reasons was this contribution Mongolia seeks to make to peaceful solutions."

Imports of high-grade iron ore fines and lump ore from Australia, Brazil and South Africa rose 13.5% from April to 94.14m tonnes. May 2017 imports totalled 91.52m tonnes. Cargoes for the first five months of 2018 now total 448m tonnes. Annual shipments for 2017 totalled just over 1 billion tonnes

Daily crude steel output by major steel mills hit a record 1.96 million tonnes in the first 20 days of May, according to data from China's Iron & Steel Association.

The Metal Bulletin benchmark price at the port of Qingdao for 62% Fe ore gained on Friday to trade at $67.44 a tonne, down 7.5% year to date. The gap between 62% and 58% Fe fines widened to $28.38 per tonne on Friday while 66% Fe concentrate ended the week higher at $92.79.

The strong imports have caused growing stockpiles at Chinese ports which reached new peaks last week. Inventories hit a record 162 million tonnes according to SteelHome data.

China consumes more than two-thirds of the seaborne iron ore market and produces as much steel as the rest of the world combined.

The prime minister expressed his satisfaction with Mongolia’s most recent successful cooperation with Russia in a wide range of issues, especially in trade and economic sectors, as trade turnover between the two countries increased by 37 percent last year compared to 2016.

He noted that as a railway transit transportation agreement between the governments of Russia and Mongolia, which aims to enhance cooperation on freight transportation trade between the two countries by promoting a flexible tariff policy for 25 years, will be signed soon, the agreement will have a significant impact on mutual trade and economic cooperation.

The main advantages of the agreement are to facilitate border checkpoint procedures on transit freight, increase freight volumes, stimulate infrastructure development of railway transport and help support Mongolian exporters to overcome maritime transport obstacles.

Prime Minister U.Khurelsukh pointed out that Mongolia is looking forward to diversifying the types of its goods being exported to Russia, increasing exports of its meat and meat products, establishing a meat processing factory that will produce products that meet Russian standards for meat imports, and collaborating with Russia to carry out a joint project in the cashmere industry.

The Russian minister emphasized that the country pays a great deal of attention on its relations and cooperation with Mongolia, especially in culture, trade and economic cooperation.

Minister Manturov stated that Mongolia is interested in exporting goods that are in demand in the Mongolian market, opening a leather processing factory in Mongolia, supplying agricultural technology and equipment, and helicopters, and collaborating with Mongolia to implement projects to increase the capacities of Thermal Power Plant No.3 and Ulaanbaatar Railway, and build a highway in Mongolia.

According to J.Erdenebat, the Russian Federation is interested in coal transportation. Because of the location of Mongolia in the east of the Eurasia and its huge reserves of high-quality coal, there are clear possibilities for export via the ports of the Russian Far East, such as Vladivostok and the Vostochny coal terminal. Under the agreement, Mongolia will be able to transport its coal via Vladivostok to Europe. During the meeting, the two sides discussed the transportation of Tavan Tolgoi coal via Kyzyl to Europe. Ulaanbaatar Railways is a Russian-Mongolian Joint Stock Company, so, the agreement is very important to both sides, said the J.Bat-Erdene.

In his meeting with Indian Prime Minister Narendra Modi, Rouhani expressed satisfaction over growing relations between Tehran and New Delhi, the president’s official website reported.

He emphasized that Tehran welcomes development and deepening of the inclusive relations with India as a friendly country in the region and is ready for strategic cooperation with the country.

Rouhani welcomed India’s active participation in the development project of Chabahar Port, saying, “Chabahar Port, as a bridge between India to Afghanistan and Central Asia to Eastern Europe, can strengthen the historical and commercial relations between the two countries and the region more than ever.”

Referring to the importance of the role of banking cooperation in developing economic relations, the president emphasized that the implementation of the recent agreements signed between the two countries in New Delhi should be accelerated, describing the implementation of those plans as a step towards further development of relations between the two nations.

The Indian prime minister highlighted the importance and special status of Chabahar Port for the development of regional cooperation.

President Rouhani also held separate meeting with Mongolian President Khaltmaagiin Battulga.

Rouhani welcomed development of Tehran-Ulaanbaatar relations in all areas, saying: “Tehran is ready to develop and strengthen its economic and trade relations with Mongolia, and all existing capabilities and opportunities must be tapped to deepen relations.”

He said Tehran encourages the Iranian private sector and businessmen to participate in Mongolian development projects. He also said that Iranian investors have the capacity to invest in animal husbandry in Mongolia.

Battulga hailed the relationship between the two countries as developing and said Ulaanbaatar is determined to strengthen its relations with Tehran in all fields, the economy in particular.

Heading a high-ranking delegation, Rouhani has traveled to Qingdao in China’s eastern province of Shandong to participate in the SCO summit at the official invitation of his Chinese counterpart, Xi Jinping.

The Iranian and Chinese presidents on Sunday attended a ceremony in which both countries signed four memorandums of understanding.