SINGAPORE: Economic ties between Singapore and Mongolia are growing, said Prime Minister Lee Hsien Loong as he met his Mongolian counterpart who is in Singapore on an official visit.

Mr Lee noted that with huge mineral reserves of coal, copper, gold and uranium, the Mongolian economy has the potential to grow rapidly in the coming decade and this would create opportunities for businesses on both sides to work together.

PM Lee said: "Singapore also welcomes Mongolia"s continued participation in the Singapore Co-operation Programme.

"More than 800 Mongolian officials have received training under this programme in diverse fields such as public administration, education and healthcare.

"Singapore is a small country with limited resources, but we will do our best to share our experiences in areas that are relevant and useful to Mongolia."

Mongolian Prime Minister Sukhbaatar Batbold said: "I am confident that my present visit will be an important step forward in deepening friendly ties between Mongolia and Singapore, particularly in the fields of trade, economy, investment and other sectors.

"We are keen to learn from your valuable development experience, specially from your knowledge-based economic development as well as banking and finance system, with a view to adapt them in Mongolia."

Mr Batbold also met Singapore"s President SR Nathan.

Mr Batbold will open an exhibition on Genghis Khan at the new ArtScience Museum.

The exhibition includes over 200 rare treasures from the Genghis Khan reign.

Mr Lee is confident the museum will attract many Singaporeans and foreign visitors who are keen to learn more about the legendary conqueror.

Earlier Thursday, an orchid at the Singapore Botanic Gardens was named after the Mongolian premier and his wife.

The Dendrobium Batbold Otgontuya is a vigorous hybrid which flowers freely, producing 40-50cm long semi-upright flowering shoots.