President Tony Tan Keng Yam yesterday hosted a state banquet in honour of Mongolian President Tsakhia Elbegdorj, where he expressed a warm welcome to the leader and gave the assurance that Singapore would continue to share its developmental experience with Ulan Bator.

In his speech, President Tan noted that Mongolia has undergone rapid changes in the past 20 years and is now one of the fastest-growing free market economies in the world.

Singapore and Mongolia are similar in many ways, Dr Tan said.

Being small countries that have made remarkable efforts in transforming themselves, both share many similar experiences. They also enjoy warm and friendly bilateral relations, he added.

The leaders of both countries have kept up friendly ties through meetings on the sides of multilateral fora.

"As Mongolia opens up its economy and resource sector, it will create more business and investment opportunities between our two countries," Dr Tan said.

There is room for economic and trade relations to grow, with bilateral trade last year amounting to $87.5 million, he added.

To date, 1,000 Mongolian officials have taken part in the Singapore Cooperation Programme in areas such as finance and economic development.

"We will continue to play our small part in supporting your country in its national development efforts," said Dr Tan.

Mr Elbegdorj, who began his four-day visit to Singapore on Sunday, is here at the invitation of Dr Tan.