The 18th ‘Discover Mongolia’ international mining investors’ forum took place on October 30 at Shangri-La Hotel in Ulaanbaatar.

Minister of Mining and Heavy Industry G.Yondon participated in the forum, presenting about government policies directed at ensuring development of the sector. 

Highlighting that the Mining and Heavy Industry Ministry is placing emphasis on upgrading the legal environment to draw investment and collaborating with relevant agencies, Minister G.Yondon said that the Ministry will work for eliminating duplication and violation of relevant laws and regulations in the sector, and creating legal environment to develop open, transparent and responsible mining. 

“Since the mining sector is hugely dependent on foreign investment, we are intending to strengthen investors’ trust to Mongolia and deepen mutually beneficial cooperation. Further, the Government and the ministry will pursue a policy to increase the volume of mineral processing and manufacturing of value-added products.” 

In his presentation delivered at the forum, Deputy Mining Minister O.Batnairamdal emphasized that the main policy of the sector would target to ensure shift from extraction to processing in coming years. “Strategically important deposits have been planned to be put into economic circulation in the next four years. Foreign investment is vital to carry out these projects. Therefore, the Government and the Ministries of Mining and Heavy Industry and Foreign Affairs have been taking some initiatives to attract foreign investments, encourage and develop partnership” said Minister Batnairamdal. 

"As the exploration industry is one of the key sectors to draw foreign investment, geological prospecting is needed to be conducted to discover next large-scale mineral deposits and develop sustainable mining sector in a longer period of time. In connection to this, more transparent issuance of exploration special licenses using internationally-recognized methods needs to be sought after and legal environment in this area should be renewed and improved," he added.  

Also during the forum, World Bank’s senior economist for Mongolia Mr. Jean-Pascal N.Nganou delivered a presentation themed ‘Mines and Minds’. In his presentation, Mr. Jean Pascal Nganou emphasized that mines represent Mongolia’s present, while minds - broadly defined to include people and institutions. He then noted that the human capital in Mongolia is being underutilized, worsening the institutional quality, and that Mongolia is falling behind other global countries in terms of its diversification of resources, exports and industry. Considering this, Mr. Jean Pascal emphasized that greater attention should be given on three main directions to stabilize the macro economy, promote productivity growth and ensure human and institutional development.