Ulaanbaatar
Government to prioritize food and agricultural sectors
Economy
Ulaanbaatar /MONTSAME/ Prime Minister U.Khurelsukh emphasized the vital role of private sector in further recovering Mongolian economy during his speech at a Business Breakfast meeting last week.
Organized by the Mongolian National Chamber of Commerce and Industry, the meeting gathered about 400 business people.
At the beginning of the meeting, the Prime Minister briefly summarized the economic conditions of Mongolia saying “The economy is seeing improvement. The budget surplus was about half a billion tugriks, foreign investment increased, foreign-exchange reserves reached USD 3 billion, the balance of payments was positive, the credit rating rose a step further, and Mongolia has been removed from EU's tax haven list. If we compare the Mongolian economy to a person, it has moved from an emergency ward to a normal ward. Now it needs to leave the hospital and return to work. The Government will work towards this, and the role of businesses is vital.”
He continued, “The Government of Mongolia prioritizes two key objectives. The first one is to work with financial discipline, secondly, to stop the economic decline and lead it to growth. We will focus on strengthening our agricultural and farming sectors.”
“In the next two years, there will be several major tasks, such as increasing energy supplies and establishing an oil refinery. We will work in line with free market rules, not setting prices in the business sector. We will also remove monopolies and promote competition,” the Prime Minister said.
At the meeting, the business representatives expressed their concerns regarding certain issues including the legal environment surrounding business and authorities’ non-compliance with the existing laws. Several businesspeople reiterated that re-planning of the capital city will reduce air and environmental pollution, and submitted their draft feasibility studies to the Prime Minister.
Minister of Finance Ch.Khurelbaatar and Minister of Energy Ts.Davaasuren were also present at the meeting to hear proposals of the businesspeople and answer their questions.
At the beginning of the meeting, the Prime Minister briefly summarized the economic conditions of Mongolia saying “The economy is seeing improvement. The budget surplus was about half a billion tugriks, foreign investment increased, foreign-exchange reserves reached USD 3 billion, the balance of payments was positive, the credit rating rose a step further, and Mongolia has been removed from EU's tax haven list. If we compare the Mongolian economy to a person, it has moved from an emergency ward to a normal ward. Now it needs to leave the hospital and return to work. The Government will work towards this, and the role of businesses is vital.”
He continued, “The Government of Mongolia prioritizes two key objectives. The first one is to work with financial discipline, secondly, to stop the economic decline and lead it to growth. We will focus on strengthening our agricultural and farming sectors.”
“In the next two years, there will be several major tasks, such as increasing energy supplies and establishing an oil refinery. We will work in line with free market rules, not setting prices in the business sector. We will also remove monopolies and promote competition,” the Prime Minister said.
At the meeting, the business representatives expressed their concerns regarding certain issues including the legal environment surrounding business and authorities’ non-compliance with the existing laws. Several businesspeople reiterated that re-planning of the capital city will reduce air and environmental pollution, and submitted their draft feasibility studies to the Prime Minister.
Minister of Finance Ch.Khurelbaatar and Minister of Energy Ts.Davaasuren were also present at the meeting to hear proposals of the businesspeople and answer their questions.
M.Anudari
