ULAN BATOR - Deputy Speaker Batkhuu Gavaa of Mongolia's parliament on Wednesday spoke highly of the China-Mongolia relationship during a meeting with outgoing Chinese Ambassador Yu Hongyao.

"China and Mongolia are eternal neighbors. During the last decade, China has been Mongolia's top foreign direct investor and trade partner," Batkhuu said when receiving Yu before his departure.

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During the meeting, the deputy speaker thanked Yu for his contributions to deepening the friendship between Mongolia and China and expressed hope that the ambassador would continue to promote the relationship when back in China.

"China is the closest and largest market for Mongolian mineral resources, which means an opportunity for China to introduce advanced technology and equipments through direct investment in Mongolian mining sector," Batkhuu said.

"We have good opportunities for mutually beneficial cooperation since Mongolia has much mining reserves and China have the market," he added.

Batkhuu's words were echoed by Yu, who also agreed that there was huge potential for bilateral cooperation in such areas as transportation, mining and agricultural products.

"Currently, negotiations are going on between the two sides on the development of dairy and flour factories in rural Mongolia," Yu said.