ULAN BATOR, March 29 (Xinhua) -- China's Belt and Road Initiative is a great investment opportunity for Ulan Bator, capital of Mongolia, the city's mayor said Wednesday.
The Belt and Road Initiative, proposed by China in 2013, aims to build a trade and infrastructure network connecting Asia with Europe and Africa along and beyond the ancient trade routes.
In an exclusive interview with Xinhua, Batbold Sundui said he expects Ulan Bator to play an important role in connecting Mongolia's Steppe Road program and the Belt and Road Initiative.
Batbold highlighted the capital's favorable geological location in the construction of an economic corridor linking China, Russia and Mongolia aimed at boosting transportation connectivity and economic cooperation in border regions.
"As a mayor, I meet with representatives of Chinese enterprises almost every day. Chinese enterprises comprise the largest proportion of foreign enterprises in Ulan Bator," Batbold said.
Batbold praised Chinese construction companies participating in Mongolia's road and infrastructure development projects for their professionalism and bringing the latest technologies to Mongolia.
Chinese enterprises will start work on new airport highways, city bridges and suburban road construction and the re-development of slum districts in Ulan Bator as spring arrives, Batbold said, adding that all these investments will change the city's future.
Besides, Batbold said Ulan Bator is adopting measures to woo foreign investment amid concerns from foreign investors sparked by Mongolia's deep economic crisis and foreign debt burden since the second half of 2016.
The city government has set up a council to protect the rights of foreign investors and help them become better informed about Mongolia's complicated laws and regulations, the mayor said.
As Mongolia's largest city, Ulan Bator is home to 1.38 million people or close to half of the land-locked country's population and accounts for 60 percent of its gross domestic product.