AmCham monthly meeting hosts Minister of Mining and Heavy Industry
Economy | MiningUlaanbaatar/MONTSAME/. The
American Chamber of Commerce in Mongolia (AmCham) held its April Monthly
Meeting on April 15 at Shangri-la Hotel, hosting Sumiyabazar Dolgorsuren,
Minister of Mining and Heavy Industry. Amcham’s members, foreign and local
investors, foreign embassies and ministry officials attended the meeting and
discussed existing challenges and ways forward to promote competitive mining as
the engine of the Mongolian economy. During the meeting, Minister Sumiyabazar
provided an insightful and comprehensive overview of the government’s efforts
to advance the policy reforms in the mining sector.
In his speech, Minister
Sumiyabazar expressed his gratitude for AmCham Mongolia’s productive effort to
support private sector-led economic development, and said, “We must trust,
respect, and smartly cooperate with our foreign investors.” He continued by
emphasizing, “It is of critical prominence to assure the confidence of foreign
investors, and improve the reputation of the Mongolian mining sector on the international
stage through the OT project. Mongolia has made an international contract thus,
to uphold its reputation and integrity, Mongolia must respect contractual
obligations. So I want to reassure our foreign investors that I stand with them
to protect the mining industry.”
The Minister said the Oyu
Tolgoi is currently extending an underground project with a USD5.3 billion
project that Rio reports will unlock 80 percent of the resource wealth.
The Chairman of Amcham
Mongolia, Oybek Khalilov highlighted in his opening remarks, “Mining agreements
and contracts are critical in ensuring that mining-led growth is sustainable
and inclusive to create conditions to support economic diversification.
Needless to mention, as the constitution of law dictates, the sanctity of a
contract is essentially what creates civic society, and is the blueprint of
democratic rule. Contracts already in effect should not be subjected to
government cancellation for arbitrary reasons, and honoring the sanctity of
contracts is indispensable for business.”
Source: amcham.mn