As we approach the end of November, Canada and Mongolia prepare to commemorate the half-century anniversary of their diplomatic relations. Over the past 5 decades, the 2 countries' relationship has evolved into a comprehensive partnership, spanning diverse fields from economic cooperation to educational exchanges.

• By the way: The Minister of Foreign Affairs of Mongolia’s visit to Canada commences today in commemoration of the diplomatic anniversary.

A Flourishing Economic Partnership

Canada and Mongolia established diplomatic ties on November 30, 1973, laying the foundation for a thriving economic partnership. Today, Canada stands as Mongolia's largest investor of Mongolia. Specifically, Canada's investment in Mongolia has reached $15.8 billion over the past 12 years, with Rio Tinto’s (RIO) $15 billion investment in the Oyu Tolgoi project playing a significant role in this growth.

• Digging deep: Comparing Canada's investment to the other countries, it is 3 times bigger than China's and 9.8 times bigger than America's. Basically, in the last 12 years, Canada accounts for more than half of FDI in Mongolia.
• Do you know? Mongolia’s exports to Canada exceeded far more than its imports from 2005 to 2010. However, starting from 2013, the amount of exports decreased sharply, and imports began to increase. As a result, last year Mongolia’s exports to Canada reached $1 million and imports reached $21.8 million.
• Mongolian companies in the TSX: FYI, several mining companies are listed on the Toronto Stock Exchange, including Erdene Resource Development Corp (ERD.TO) and Xanadu Mines (XAM.TO).

Education: A Bridge to the Future

Also, 2 countries’ diplomatic relations in the education sector are expanding. Currently, over 350 Mongolian students are pursuing higher education in Canada, enriching their knowledge and skills in diverse fields such as finance, economic development, mining, civil aviation, engineering, and agriculture.

A Model of Regional Cooperation

As Canada and Mongolia celebrate 50 years of diplomatic relations, they look forward to continuing their journey of collaboration and mutual growth. Also, Canada is a great example of Mongolia receiving the most investments from its third neighbor rather than its two neighbors.