Invest in Mongolia forum takes place in Shanghai

Economy
batchimeg@montsame.gov.mn
2019-11-11 16:51:56

Shanghai /MONTSAME/ With the aims to promote Mongolia’s business, trade and investment opportunities to foreign countries, ‘Invest in Mongolia’ Forum took place in Shanghai, China. The forum is organized on the occasion of the 70th anniversary of establishment of diplomatic ties between Mongolia and China and the China International Import Expo, which is running in Shanghai, China.


The National Development Agency of Mongolia regularly organizes the ‘Invest in Mongolia’ Forum, choosing the largest investor nations and it is previously held in cities such as Frankfurt, Hong Kong, Tokyo and London.


While introducing Mongolia’s development policy, foreign investment promotion and Government actions at the forum that brought together over 200 entrepreneurs, the Mongolian delegates presented the country's business climate, favorable sectors for investment and projects. Furthermore, B2B meeting of business people of the two countries has been held and around 40 entities which run operations in mining, energy, agriculture, light industry, construction and tourism presented their projects to investors.


China made investment of USD 108 million in Mongolia last year and 68 percent of it was made in mining and 21 percent in trade and public food sectors.


In his opening remarks at the forum, Head of the National Development Agency B.Bayarsaikhan said ‘Bilateral cooperation has been strengthening more in all sectors including economy, education, art and culture since the sides established diplomatic ties in 1949. In Joint Declaration of Comprehensive Strategic Partnership, the sides set a goal to bring bilateral trade turnover at USD 10 billion in 2020. China is the largest investor of Mongolia, as it makes up 21 percent of foreign direct investment and China-invested companies take up over 50 percent of invested entities. This is the fact that the sides have full potential to accomplish the goals, which are set forward within the Comprehensive Strategic Partnership. ’


“The Investment Program 2018-2021 includes a total of 149 projects worth of MNT 20 billion. Most of them are for developing Ulaanbaatar city and energy, health and extractive sectors. Mongolian side will encourage legal investments that increase jobs, production and export and create innovation and value added network,” he stressed.