Mongolian President Tsakhia Elbegdorj and U.S. President Barack Obama have pledged to increase bilateral trade, investment and people-to-people connections.

The two leaders met Thursday at the White House at the end of Mr. Elbegdorj's four-day trip to the United States.

In a joint statement after the meeting, both presidents said they will “further develop” their countries' economic partnership. In one deal announced this week, Mongolian Airlines said it would buy three jets from the U.S.-based aviation company Boeing — a $245 million purchase.

Mr. Obama and Mr. Elbegdorj also emphasized their “common interest” in protecting and promoting human rights, democracy and freedom. Mongolia, set between China and Russia, is seen as a model for democratic reform in the region and has received warm attention for the U.S.

U.S. Assistant Secretary of State Kurt Campbell visited Mongolia earlier this month, and future visits are planned by Vice President Joe Biden and Secretary of State Hillary Clinton.