Ulaanbaatar /MONTSAME/ “Technology and Investment in Mongolia 2017” international exhibition and conference is commencing today, April 20, with a sub-conference on mining sector. Since 1990, over 13 thousand entities from 112 countries have made investment of about USD 16 billion to Mongolia, highlighted Mr B.Lkhagvajav, President of the Mongolian National Chamber of Commerce and Industry.
In his speech, he went on to say “72.5% of the total foreign investments were dedicated to mining, geology and oil sectors, while 17.8% went to commerce and public catering since 2005. In other words, Mongolian economy has an unhealthy structure, which means that it is too dependent on mining sector and foreign investment. Manufacturing and processing sectors are the pillars of the highly developed economies.
According to a study by the World Economic Forum (WEF), Mongolia is ranked at the 102nd place by economic competitiveness out of 138 countries involved. Therefore, we need to shift from being a consumer to a manufacturer and to diversify our economy through promoting growth of agriculture and tourism”.
The President of the Mongolian Mineral Processing Association (MMPA), Mr B.Chinzorig noted that mining constitutes 20 percent of the country’s GDP and 80 percent of exports. Underlining that Mongolia is obliged to pursue the provisions of the Sustainable Development Goals until 2030 in all steps of development, he said, although SDGs do not include certain objectives for mining sector, mining companies have greater impact in reducing poverty, introducing the country to latest technologies and solving environmental problems. We have been studying carefully the environmental impacts of the technologies and intend to bring into the mining sector. I also believe that today’s participants will present their technologies with sheer bases of study and research”.
The full version of this news story is availabe on English News daily bulletin for April 20.