Ulaanbaatar, January 17, 2025 /MONTSAME/. Prime Minister of Mongolia Oyun-Erdene Luvsannamsrai, met with Minister Delegate for Foreign Trade and French Nationals Abroad, Laurent Saint-Martin, and CEO of Orano Group, Nicolas Maes on January 17, 2025.

France is Mongolia’s “Third Neighbor” and a trusted partner in Europe. As a permanent member of the United Nations Security Council and one of the founders of the European Union, fostering mutually beneficial cooperation with France is an important priority in Mongolia's foreign policy. Prime Minister Oyun-Erdene underlined that 2025 marks the 60th anniversary of the establishment of diplomatic relations between the two countries. On this historic day, the two sides signed an agreement on a long-stalled uranium project, setting a milestone in Mongolian-French relations.

The Mongolia-France Joint Uranium Project and its Investment Agreement not only represent mutual benefits for both countries but also align with Mongolia’s collaboration with the European Union. Minister Delegate Laurent Saint-Martin expressed his delight at the importance of the Mongolia-France Joint Uranium Project in deepening friendly relations, cooperation, and investment between the two countries. He noted that France's new uranium extraction technology and expertise being introduced to Mongolia marked a historic event for the Mongolian mining sector, opening a new chapter. He extended his gratitude to the Government of Mongolia.

The Government of Mongolia has also incorporated 14 mega infrastructure and development projects and 14 reforms into its Action Program, covering priority sectors such as infrastructure, industry, energy, transportation logistics, agriculture, and banking and finance. The development of 14 mega projects is underway, including the Mongolia-France Joint Uranium Project and the establishment of the Mongolian National Satellite Project.

The Investment Agreement between the Government of Mongolia, “Erdenes Mongolia” LLC, and “Orano Mining SAS” has been finalized before the World Economic Forum in Davos, Switzerland. The two sides worked diligently, involving researchers and independent representatives, to conclude the agreement after many years of successful collaboration. The Project ensures that the majority of benefits from the strategic mineral deposit will primarily reach the people, balancing profits between the two sides. It is expected that the Agreement will contribute to the Sovereign Wealth Fund, enabling Mongolian citizens to benefit from the natural resources.

The Investment Agreement with “Orano Mining SAS” represents the second-largest foreign direct investment deal with a third-neighbor and establishes a model for future agreements in the mining and mineral sectors. The two sides acknowledged that the 2023 State Visit of President of the French Republic Emmanuel Macron to Mongolia, followed by the reciprocal visit of President of Mongolia President Khurelsukh Ukhnaa to France, advanced joint projects between the two countries, achieving tangible results.

Mongolia remains committed to cooperating with France on its next Joint Project, which is the establishment of a Mongolian National Satellite Project. The Premier also emphasized the potential for collaboration with the Government of France in transportation and urban planning to address Ulaanbaatar City’s traffic congestion, indicating full readiness for partnership and investment.