Ulaanbaatar
Speaker M.Enkhbold delivers speech at Economic Forum
Economy
Ulaanbaatar /MONTSAME/ Parliament Speaker M.Enkhbold delivered an opening speech at the Mongolia Economic Forum (MEF) on May 21. He said:
“I would like to express my sincere gratitude to foreign investors who arrived here to support the Mongolian economy and participate in this forum, embassies, heads of the missions and the government and non-governmental organizations and individuals organizing the MEF.
The MEF is being held for the 8th time since 2010. Each of the previous forums were special. However, I would like to emphasize that this year the forum is being held when the Mongolia's economy began to grow from the recession.
The majority of decisions made by the Mongolian legislature during the last two years are aimed at enabling the creation of a legal environment for intensifying the country's economic and social development, attracting foreign investment, investment and development meeting the foreign interests as well as Mongolia’s interest.
The Parliament has approved the Economic Recovery Program and amended the five package of laws regulating the banking and financial activities, taking measures to improve the financial sector. At the same time, we created a legal environment for regional and international standards in Mongolia and established a Investment Protection Council to address the issues of entities operating in Mongolia. The Consultative committee to promote public and private sector cooperation was also established.”
The economic growth rate has increased from -1.2 percent to 6.1 percent in the last six months. In the first quarter of 2016, the state budget deficit was MNT 664 billion, while in the first quarter of 2018 it had surplus of MNT 98 billion. The international credit rating agencies’ evaluation was positive due to fulfillment of obligations to the foreign countries and investors.
Now, it is important to consider the further actions and try not to make the same mistakes. It is assumed that tax reforms and package laws are needed to improve macroeconomic development and maintain the optimal level of state engagement to businesses. More than 5000 entities have submitted their proposals on the draft tax laws. The Parliament and Government will consider the proposals. Also the Parliament started discussing the draft law on supporting SMEs last week to support microeconomic development.
According to WGI (World Governance Index) Mongolia made certain achievements in governance for the last decade. However, it was concluded that there is little progress in the law enforcement and corruption control. Therefore, the Parliament of Mongolia will take measures to intensify the law enforcement, bribery and bureaucracy.
I hope that this Economic Forum will bring together Mongolian and foreign investors, open opportunities for many new agreements and cooperation. I would like to appeal all Mongolians to work together using the created opportunities and not to make mistakes in economic and social development policies again.
“I would like to express my sincere gratitude to foreign investors who arrived here to support the Mongolian economy and participate in this forum, embassies, heads of the missions and the government and non-governmental organizations and individuals organizing the MEF.
The MEF is being held for the 8th time since 2010. Each of the previous forums were special. However, I would like to emphasize that this year the forum is being held when the Mongolia's economy began to grow from the recession.
The majority of decisions made by the Mongolian legislature during the last two years are aimed at enabling the creation of a legal environment for intensifying the country's economic and social development, attracting foreign investment, investment and development meeting the foreign interests as well as Mongolia’s interest.
The Parliament has approved the Economic Recovery Program and amended the five package of laws regulating the banking and financial activities, taking measures to improve the financial sector. At the same time, we created a legal environment for regional and international standards in Mongolia and established a Investment Protection Council to address the issues of entities operating in Mongolia. The Consultative committee to promote public and private sector cooperation was also established.”
The economic growth rate has increased from -1.2 percent to 6.1 percent in the last six months. In the first quarter of 2016, the state budget deficit was MNT 664 billion, while in the first quarter of 2018 it had surplus of MNT 98 billion. The international credit rating agencies’ evaluation was positive due to fulfillment of obligations to the foreign countries and investors.
Now, it is important to consider the further actions and try not to make the same mistakes. It is assumed that tax reforms and package laws are needed to improve macroeconomic development and maintain the optimal level of state engagement to businesses. More than 5000 entities have submitted their proposals on the draft tax laws. The Parliament and Government will consider the proposals. Also the Parliament started discussing the draft law on supporting SMEs last week to support microeconomic development.
According to WGI (World Governance Index) Mongolia made certain achievements in governance for the last decade. However, it was concluded that there is little progress in the law enforcement and corruption control. Therefore, the Parliament of Mongolia will take measures to intensify the law enforcement, bribery and bureaucracy.
I hope that this Economic Forum will bring together Mongolian and foreign investors, open opportunities for many new agreements and cooperation. I would like to appeal all Mongolians to work together using the created opportunities and not to make mistakes in economic and social development policies again.
B.Misheel
