Russia and Mongolia will increase bilateral trade to $1 billion and above in the next several years, Russian President Dmitry Medvedev said on Friday according to RIA Novosti.
Mongolian President Nambaryn Enkhbayar is currently in Moscow on a three-day working visit.
"Not so long ago, the goal was to increase our trade to $1 billion, and we will achieve this target in the next several years, and surpass it," Medvedev told Enkhbayar during their meeting in the Kremlin, adding that at present trade turnover was more than $750 million.
"This shows that there is potential for development," he said.
Bilateral trade has been growing steadily between Russia and Mongolia in the past few years. Last year, trade hit $677 million, up 28.3% against 2006. Russian exports to Mongolia increased 28.4%, and imports from the Central Asian country rose 28.2% in 2007.
Russia is Mongolia's second largest economic partner after China. Last year, Russia exported to Mongolia oil and mineral products, food, agricultural raw materials, vehicles, equipment and chemicals.
Russia invested over $2.2 million in Mongolia last year, against $500,000 in 2006. Mongolian investment in Russia reached around $7 million in 2007.
Russia is currently studying the possibility of the construction of a small or medium-capacity nuclear power plant in Mongolia.
According to Mongolian estimates, uranium reserves in the country amount to 60,000 metric tons. However, Russian experts have assessed Mongolia's uranium reserves at 120,000-150,000 tons.
Nambaryn Enkhbayar invited Dmitry Medvedev to visit Mongolia and congratulated him on Zenit St. Petersburg's recent UEFA Cup victory.
"I am happy that the Russian side won," he said.