Elbegdorj sworn in as Mongolian President

Mongolian President Elbegdorj Tsakhia was sworn in Wednesday for his second term with a pledge to protect the country's independence, sovereignty, freedom, and national unity, state-run Montsame News Agency reported. In a public speech following the oath at a ceremony held in the Mongolian capital of Ulaanbaatar, Elbegdorj, 50, emphasized that Mongolia would continue the creative cooperation with other nations and with transparent and lawful investors. "It is the time for Mongolia to consolidate our achievements and aspire to a faster and more intense development. We shall accomplish our goal to supply ourselves with environmentally friendly and affordable energy," he said. "We shall support investments into education, health, local development, infrastructure, new technologies, and enterprises with clear and stable policies." The Mongolian leader also pledged to continue constructive cooperation with other countries and international organizations. "We shall work to promote mutually beneficial and constructive decisions in bilateral relations with our neighbors in infrastructure, investment, trade, transit transport, and other pending issues." Harvard-educated Elbegdorj, a two-time Mongolian Prime Minister, was re-elected to a second four-year term in the presidential election last month. He first assumed office in June 2009. With its vast deposits of coal, copper, and iron ore, Mongolia's economy grew 17.3 percent in 2011 before falling 12.3 percent in 2012. Elbegdorj has advocated for more overseas investment to develop Mongolia's abundant natural resources in his first term. But despite the boom, a third of the country's 3. 1 million people live below the poverty line.