The government should help improve infrastructure in Mongolia and help large Chinese enterprises establish a presence in the country, said Gao Shuqing, former ambassador to Mongolia.

Gao was speaking at the Fifth Economy and Trade Fair between China, Mongolia and Russia in Erenhot, in the Inner Mongolia autonomous region on Tuesday.

The event saw the participation of 376 enterprises from China, Mongolia and Russia and 25 cooperative agreements, worth $1.58 billion, were signed .

It is estimated that Mongolia will register a 15.2 percent growth in GDP by the end of the year, according to The Economist magazine, which will make it the fastest growing economy around the world.

Gao also called for further contact to help build greater awareness and trust between China and Mongolia to avoid misconceptions toward Chinese enterprises. He expressed hopes that the Mongolian government will continue to develop a market-friendly economy.

The region, in northern China, borders Mongolia and Russia and has many advantages, said Li Xin, director of the Russia and Middle Asia Research Center of the Shanghai Institutes for International Studies.

"If we could enhance border transportation, trade and cooperation would be made even more convenient and efficient," said Li.

The region has a 9,000-km border, of which 4,700 km is shared by China and Mongolia.