More than 300 officials and investors from about 10 countries, including Canada, Australia and Germany, were attending the forum.

During the two-day event, the participants will discuss the current status of the Mongolian mining industry, the prospect of its development and ways to create a more favorable environment for foreign investors.

"The mining is the main economic sector of Mongolia. Currently, the industry accounts for 22 percent of the gross domestic product ... 74 percent of industrial production and over 90 percent of exports in Mongolia," Mongolian Minister of Mining and Heavy Industry Dolgorsuren Sumiyabazar told the opening ceremony,

The mining industry also involved 72 percent of the total foreign direct investment in Mongolia, the minister said, calling on foreign investors to invest more.

The vast territory of Mongolia has rich mineral deposits, including coal, copper, gold, uranium, molybdenum and fluorspar.

Oyu Tolgoi giant copper mine and Tavan Tolgoi coal mine in the southern Gobi desert of Mongolia are the country's world-class mining projects under development.

The Discover Mongolia is the largest event to attract investment in the landlocked East Asian country alongside the Coal Mongolia International Conference, which was held here on Sept. 4-5.

The international investment event came after Mongolia decided to sell up to 30 percent of the Erdenes Tavan Tolgoi Company on domestic and international stock markets.

Tavan Tolgoi is one of the world's largest untapped coking and thermal coal deposits, with an estimated reserve of 6.4 billion tons.