Enkhbat, an official with the Mongolian mining and oil bureau, said his country welcomes more Chinese entrepreneurs to invest in Mongolia's mining projects.

He made the remark Friday in Changchun on the China-Mongolia Friendship Province Commercial Day, a program of the ongoing China Jilin-Northeast Asia Investment and Trade Expo.

Mongolia boasts abundant mining resources, including gold, silver, copper, iron and coal, he said.

The Mongolian government in recent years took effective measures to establish stable law systems in a bid to protect the interests and rights of overseas investors.

Over 20 zones with oil exploration potential are scattered along the Mongolian-Sino border, so the two sides enjoy bright cooperative prospects in this regard, said he.

It takes foreign investors only 10 and 20 working days to get licenses for exploration and mining in Mongolia, and foreign companies with investments over 20 million US dollars in Mongolia can sign agreements to stabilize their long-term cooperation, he said.

Mongolia has reduced its tax rate to attract more foreign investment in mining,he said, welcoming China's investment in infrastructure construction as well.

Both Mongolia and China are pursuing an opening-up policy.

Mongolian private businesses share of 80 percent in its gross domestic product, said Demberel, president of the Mongolian National Chamber of Commerce and Industry.

Source: Xinhua