Ulaanbaatar, February 1, 2023 /MONTSAME/. During its regular session on February 1, 2023, the Cabinet made the following decisions: 

“Implementing Agency of the Government, Investment and Trade Authority” is established

            The Cabinet decided to establish an “Implementing Agency of the Government, Investment and Trade Authority” according to the State Great Khural’s resolution No. 69. To implement 94 projects through public-private partnerships, stated in the Action Plan of the “New Revival Policy”, domestic and foreign investments are required. The investments in the geology, mining, and oil sectors account for 72% of total foreign direct investments in Mongolia. As of 2021, China accounted for 83% of total Mongolian export, followed by Switzerland and Singapore 9% and South Korea and Russia 6%, while for the total import, China made up 33%, followed by Russia 26% and Japan 7%. To that extent, there is a need to diversify the mining products, in particular, non-mining export-oriented policy to promote import substitution industries and increase the number of trading partner countries. Forming an authority of investment and trade will establish conditions to attract more investments by targeted regions, economic sectors, and our priority directions, protect and advocate legitimate rights and interests of investors, increase trade turnover, promote import substitution industries, launch single-window service, create an integrated database and conduct analysis.

The Cabinet approved the procedure to support start-ups and software development and production

This procedure will regulate tax supports for start-ups and other enterprises, engaging in software development and production and other related issues. With the approval of this procedure, citizens, enterprises and academic research institutes implementing innovation projects, and enterprises engaging in software development and production will be given equal opportunities and enjoy exemptions and discounts, specified in the Law on Innovations, Customs and VAT and other laws, for up to five years of their project implementation. Moreover, it will support activities of technology transfer centers which are the infrastructure of the innovation, establish conditions to commercialize the results of academic research and become the main leverage to develop a knowledge-based economy.  

The organizational structure of the Cybersecurity Council is approved

The Cabinet also approved the organizational structure of the Cybersecurity Council which will be headed by the Prime Minister. It will include representatives of organizations whose functions are combating cyber-attacks and violations. In addition to the organizational structure, the Cabinet approved the council rules and working procedures to which the council adheres.

Brief news:

·         The Cabinet members discussed the Agreement between the Government of Mongolia and the Government of the Republic of Kazakhstan on Cooperation in Aviation Search and Rescue and the Agreement between the Government of Mongolia and the Government of Hungary on Air Communications and decided to grant the signing right to the Minister of Road and Transport Development S. Byambatsogt.

·         The Cabinet decided to form an administrative office in charge of issues related to the New Kharkhorum city development and approved its organizational structure and vacancies. The Minister of Construction and Urban Development will be responsible for the required arrangements.