The sides held talks on the opportunities for bilateral cooperation in energy sector.

The Mongolian minister described his visit as well as meetings held in Baku as an opportunity to strengthen cooperation between the two countries in energy and other spheres. Highlighting the development of the oil and gas sector in Mongolia, Davaasuren pointed to great potential for cooperation in this area.

Davaasuren emphasized that Mongolia is keen to take advantage of Azerbaijan’s rich experience in the field of oil and gas, also to encourage Mongolian students to study at Azerbaijan State Oil and Industry University.

In turn, Shahbazov said that Azerbaijan is ready to share its experience and collaborate in the areas of mutual interest with Mongolia. He expressed confidence that the signing of the Memorandum of Understanding on energy cooperation between the energy ministries of Mongolia and Azerbaijan will contribute to this process. During the meeting it was also noted that Mongolian students will be given the necessary support to study at the relevant high school in Azerbaijan.

The sides exchanged views on the current state of the energy industry in both countries and discussed prospects for cooperation in the non-oil sector.

Although diplomatic relations between Azerbaijan and Mongolia were established in 1992, the bilateral cooperation between the two countries entered the phase of active expansion in recent years.

Last year, a Memorandum of Understanding was signed between Azerbaijan and Mongolia to develop bilateral cooperation.

In addition, an agreement was also signed on the abolition of visa requirements for diplomatic and official passport holders.

Two countries are interested in the development of trade relations as well. The recent export mission organized in the Mongolian capital Ulaanbaatar by the Azerbaijan Export and Investment Promotion Foundation with the support of the Ministry of Economy in October 2018 has brought great results as it was agreed that Azerbaijani products will be exported to the country. Azerbaijan will start to export wine and fruit juices to Mongolia.

The location of the two countries on the Silk Road from East to West offers opportunities for trade and transit cooperation. Both countries discuss cooperation opportunities within the framework of the "One Pipeline, One Way" project initiated by China on the Silk Road.