ULAN BATOR, Oct. 1 (Xinhua) -- Participation in China's Belt and Road Initiative will help Mongolia overcome its economic crisis, says the director of a major newspaper in the country.
"Although the Mongolian economy is experiencing crisis now, there is huge potential for its future growth," said Banzragch Munkhtuul, director of the Mongolian newspaper Mongolyn Medee.
Mongolia, a country of three million people with an economy of 12 billion dollars in size, is currently experiencing its worst economic crisis since 2009. The new government led by the ruling Mongolian People's Party is trying to win investor confidence, cut government spending and find solutions to its mounting foreign debt.
"If we can become apart of the Chinese Belt and Road Initiative, receive Chinese technology and know-how, push forward large projects and utilize our geographic advantage, it is not difficult to overcome the crisis," Munkhtuul said.
She noted that Mongolia's geographic advantage between Russia and China offers it a chance to boost transit trade, logistics and transportation between these two countries.
Munkhtuul also said Mongolians should pay more attention to China's successful growth and bring that mature model and investment to Mongolia under the framework of the Belt and Road Initiative.
Mongolia is now in bad need of investment to upgrade its infrastructure. Many Mongolian economists see China as a major source of foreign direct investment and the largest "market" for its products and services. They expect Mongolia can dovetail its Steppe Road program with China's Belt and Road Initiative.
The Steppe Road program is designed to boost the Mongolian economy through trans-border transportation.
It includes infrastructure improvement, such as a new highway to link Russia and China, an electric railway extension of the existing Mongolian railway and the building of an oil and gas pipeline through Mongolian territory linking Russia and China.
Naran Tudevdorj, director of the Mongolian coal association also told local media that Mongolia can improve its competitiveness in the coal market by building a railroad that reaches China while coal prices are down.