Vienna, 3 July 2003 Press release

"Additional incentives required for economic investments in Mongolia"


Ferrero-Waldner identifies promising opportunities for cooperation in talks with Mongolian Foreign Minister Erdenechuluun

Vienna, 3 July 2003 - Minister for Foreign Affairs Ferrero-Waldner met for talks this morning with her Mongolian counterpart Erdenechuluun, who is currently in Austria in connection with the official visit of the Mongolian President, Natsagiin Bagabandi. "Austria has maintained diplomatic relations with Mongolia since 1963, and this 40-year anniversary is being celebrated inter alia by the President's visit to Austria and the opening of the Mongolian Embassy in Vienna", said the Foreign Minister. "Our desire for closer cooperation will also be reflected in the signing of a Double Tax Agreement."

After a decline in the bilateral trade volume in the nineties, last year had again seen a clear increase in the volume of Austrian trade with Mongolia. The first meeting of the Mixed Economic Commission held in Ulan Bator in May 2003 had identified numerous areas in which cooperation could usefully be intensified. "The Double Tax Agreement will improve the economic framework conditions and provide additional incentives for companies to intensify their commitment," stated Ferrero-Waldner.

The two Foreign Ministers rounded off their talks with a discussion of the cultural, academic and scientific relations between Austria and Mongolia. "Cooperation projects in place at university level are showing promising progress, as are others in the fields of forestry and health. For several years now exchanges have been taking place between scientists and experts in the field of medicine, and Austria regularly invites Mongolian teaching staff and civil servants to take part in further training seminars," Ferrero-Waldner concluded.