Ulaanbaatar
Temporary committee on supporting foreign trades to be established
Politics
Ulaanbaatar /MONTSAME/. On August 31, a group of MPs led by MP G.Amartuvshin presented a draft resolution on establishing a temporary committee on foreign investment and trade to Speaker G.Zandanshatar.
The MPs believe that it is necessary to establish a temporary committee, of which duties are to appropriately define foreign trade policy, providing support to foreign investors, conducting studies on stabilizing investment, developing solutions on it and presenting them at parliamentary discussions.
As investment is an important factor in development, the Law on Investment was approved by the parliament, and currently in effect since November 1, 2013. The law reflects regulations on improving the legal environment for investment and increasing investment efficiency through support and stabilization of tax environment, providing general legal guarantees for investors, protecting the rights and assets of investors with no discrimination and simplifying state services and registration.
As of today, the Government of Mongolia has signed Double Tax Agreements with 29 countries, General Agreements on Trade and Economy with 24 countries, and bilateral agreements on supporting investment and its mutual protection with 42 countries.
In correlation with the closure of borders due to the pandemic, air transport was restricted which resulted in a halt in the operations of foreign investors and entities implementing projects and programs with foreign investment.
