Enkh-Amgalan, also head of the Mongolia-Russia inter-parliamentary group in parliament, made the remarks while meeting with a visiting Russian delegation led by Andrei Klishas, chairman of the Federation Council Committee on Constitutional Legislation and State Building.

"The potential of trade, investment and economic cooperation between Mongolia and Russia is not being used at full strength. Thus, our two countries need to make more efforts and improve the business and legal environment in order to further strengthen bilateral ties and cooperation in these sectors," Enkh-Amgalan said.

Klishas expressed Russia's willingness to promote the development of Russia-Mongolia ties in all sectors.

He also stressed the important role of the Mongolia-Russia interparliamentary group in parliament in expanding cooperation between the two legislative bodies.

Last year, the trade volume between Russia and Mongolia amounted to 1.4 billion U.S. dollars, an increase of 46.9 percent compared with 2016.