German president in Mongolia for talks on raw materials, China

Ulan Bator (dpa) - German President Joachim Gauck was in resource-rich Mongolia Thursday for political talks as part of his Asian trip.

He was received with military honours by President Tsakhiagiin Elbegdorj in the capital Ulan Bator.

Gauck was scheduled to speak with students and teachers at the German-Mongolian Institute for Resources and Technology.

The college was founded in 2011 as a contribution to the raw materials partnership between the two countries.

The German Federal Ministry for Economic Cooperation and Development has provided 4 million euros (4.6 million dollars) for the project until 2016. There are currently around 75 students and some German teachers.

Mongolia is one of the richest countries in the world in terms of raw materials especially coal, copper, gold, uranium and rare earths that are used in the production of mobile phones among other products.

The country‘s economy is largely dependent on exports to China.

Mongolia is around four and a half times larger than Germany with a population of around 3 million people, making it the least densely populated country in the world.