Issue of insufficient foreign investment persistsEconomy
Ulaanbaatar /MONTSAME/. Despite evaluating the Mongolian economy positively, the participants of the Economic Forum highlighted the importance of foreign investment in sustainable economic growth, concluding that it is the only method to improve the current situation.
Economic and financial policy researchers, analysts, economists, representatives of private businesses as well as university students attended the forum, which was organized by the Bank of Mongolia and the Economic Research Institute with the support of Japan International Cooperation Agency (JICA) and Partnership for Economic Policy (PEP) under the theme, ‘Current state of the economy and its future trend-2019’, on March 12.
In his speech, senior private sector specialist at the International Finance Corporation of the World Bank Group Xavier Forneris noted the importance of the policy on attracting foreign investments by developing other sectors, such as agriculture and tourism, as the economic structure based on mining cannot continue for a long period of time for Mongolia.
Warning that the insufficient foreign investment is due to the country risk of Mongolia, the analysts underlined the necessity of a state regulation to protect from risks to regain investors’ confidence. The participants all agreed that once the sustainable environment is created, the country has the possibility to boost export earnings by increasing the number of types of export from non-mining sectors.