Singapore’s experience to be learned to establish national wealth fund

2022-07-07 15:34:41

Yesterday, July 6, Prime Minister of Mongolia L.Oyun-Erdene arrived in Singapore for an official visit at the invitation of the Prime Minister of Singapore Lee Hsien Loong.

At the Changi International Airport, the Prime Minister of Mongolia was welcomed by the Minister for Manpower and Second Minister for Trade and Industry of Singapore Tan See Leng and Singaporean Ambassador to Mongolia Teo Boon Hee. This visit is a return visit to the official visit of Prime Minister of Singapore Lee Hsien Loong to Mongolia in 2016.

On the sidelines of his official visit, Prime Minister of Mongolia L.Oyun-Erdene visited the headquarters of Temasek Foundation and met with the foundation’s CEO Ng Boon Heong and Deputy CEO Benedict Cheong.

On behalf of the Government of Mongolia, the Prime Minister expressed gratitude to Temasek Foundation for its valuable support provided to Mongolia in overcoming the COVID-19 pandemic.

The Prime Minister said that he is visiting Singapore to ensure the implementation of the issues agreed upon during his visit in 2019 in his capacity as the Chief of Cabinet Secretariat.

He expressed willingness to learn from Singapore’s good practices and know-how on IT-based public service reform, development of e-governance, urban planning, capacity building, and improving governance of state-owned enterprises. He also voiced his interest in attracting investments for the priority sectors that are reflected in the ‘New Revival Policy’.

The Government of Mongolia has made a decision to offer the shares of up to 34 percent of 25 state-owned enterprises to the public. In accordance with the decision, the PM expressed a desire to improve the governance of Mongolian state-owned enterprises in line with international standards and introduce the experience of Temasek Holding.

Moreover, the PM briefed on the Government of Mongolia’s goal of making Mongolia’s new airport a regional transport and logistics hub and establishing a new city and free economic zone in Khushig Valley. In this context, he proposed to work together to create a transit hub for Mongolia, introduce Singapore's best practices in order to attract tourism, and create a legal environment that is necessary to attract international and Singaporean investment.

In June, this year, the Government decided to make Erdenes Mongol LLC the National Wealth Fund with an aim to properly distribute the country’s profits from natural resources and spend them for the economic development of the country, as well as for the benefit of its people in the form of saving and growth. Therefore, he also voiced the intention to learn from Singapore’s rich experience in this direction.

Since 2009, Temasek Foundation has been implementing projects with Mongolia. He expressed his readiness to continue cooperation in the future.