Mongolia has extended a significant invitation to Indian firms for investment in various sectors, including mining, oil exploration, and infrastructure development, during the India-Mongolia Business Forum. Notably, discussions emphasized the $1.7 billion oil refinery project, financed by India, which is on track to begin operations by 2028, signifying a pivotal step towards Mongolia’s energy independence. The project aims to enable Mongolia to process its crude oil domestically, thereby reducing dependence on imports and enhancing energy security. Additionally, the collaboration extends to critical minerals, where India is exploring opportunities in coking coal, uranium, and other strategic resources, while potential transportation routes for coal exports are being evaluated through China and Russia. This partnership, commemorated by the recent state visit of Mongolian President Khurelsukh to India, also highlights a joint commitment to renewable energy initiatives, particularly solar power, and includes the signing of ten Memoranda of Understanding to reinforce bilateral ties. The establishment of India’s first resident Defence Attache in Mongolia marks a further deepening of defence cooperation, illustrating the growing multifaceted relationship between India and Mongolia as both nations seek to enhance strategic collaboration in energy, defence, and economic sectors.