Ulaanbaatar (Mongolia), Jul 10 (AP) A populist business tycoon and ex-judo star has been inaugurated as Mongolia’s new president, pledging greater benefits for the county’s 3 million people from their landlocked Asian nation’s vast mineral wealth.

Khaltmaa Battulga of the Democratic Party won a runoff Friday against his establishment opponent Miyegombo Enkhbold of the Mongolian People’s Party.

Battulga told The Associated Press on Saturday that he wanted a “win-win situation for everyone” when it came to foreign investment, which has slumped in recent years following weaker commodity prices and high-profile disputes between the government and large investors including mining giant Rio Tinto.

Mongolia’s economy grew just 1 percent last year, down from 17.5 per cent in 2011. It now has USD 23 billion in debt, more than double the size of its economy.

Battulga was inaugurated Monday. (AP)

This is published unedited from the PTI feed.