Mongolia Economic Forum-2023: Highlights from Prime Minister's SpeechEconomy
Ulaanbaatar, July 10, 2023 /MONTSAME/. Launching the Mongolia Economic Forum-2023, Prime Minister of Mongolia L. Oyun-Erdene opened the event with welcoming remarks. Here are some highlights from his speech to investors.
- Mongolia is a democratic country located between two world powers. Since the democratic revolution in 1990 and the transition to a free market economy in 1992, we have faced many challenges. It is still going on. However, Mongolians have been overcoming these challenges and difficulties through mutual understanding and consensus, which is the greatest advantage of parliamentary democracy.
- By amending the Constitution in the spring session of the Parliament, increasing the representative capacity of the State Great Khural, and incorporating the mixed election system into the Constitution, it can be concluded that Mongolia's policy has become more stable and continuous, and the basic legal reform has been made to enable investment environment reach a new level.
- Mongolia strives to take a long-term view of its development policy planning and is implementing the "Vision-2050" long-term development policy. It aims to fully resolve step by step the risk of loss of continuity of government policy depending on the election results, causing difficulties for the private sector and investors.
- With the establishment of the Ministry of Economy and Development and the Foreign Investment Agency, we moved to a unified system to provide investors with one-stop-shop, introduce prompt and comprehensive services, and protect the interests of investors.
- The Government of Mongolia announced a comprehensive anti-corruption program, made government information transparent, and introduced the "E-Mongolia" platform, which digitized 839 services of 71 government organizations. This is a major reform that will make it possible to get government services quickly even from abroad. In 2022, Mongolia moved up 18 places from the previous year and ranked 74th out of 193 countries in the E-Government Development Index.
- The world is divided. The New Cold War is deepening, and developing countries are faced with the dilemma of whom children will choose when their parents divorce. Therefore, it is necessary for parents or developed countries of the world to be more responsible and listen to their children when making decisions.
- We must respect each other and peacefully co-exist, secure economic and social development, and the macro balance of investment in order to form good governance and ensure a stable economic environment.
- I put forward a proposal to discuss the infrastructure and transport logistics of landlocked countries with Professor Schwab, the founder of the World Economic Forum, specifically at the World Economic Forum. For the cost of sea transportation is one hundredth of air transportation, one tenth of rail transportation, and one third of road transportation. That is why the biggest challenge for landlocked countries is how to enter the price competitiveness of transport logistics and global economic integration.
- I believe that artificial intelligence solutions based on science, advanced technology, and big data will provide advanced solutions to the problems of transport and logistics in landlocked countries in the near future.
- The pandemic made us understand that the countries of the world should not only develop alone, but also should support each other and share opportunities together. Vaccination has been successful in some countries, but mutations have developed in countries lacking vaccines. As the epidemic continued, the economic difficulties of not only separate countries, but of the world deepened. This is a painful lesson for us not to make any more missed opportunities.
- Mongolia became one of the first small countries in the world to successfully overcome the pandemic.
- For Mongolia, whose economy is dominated by coal exports, professional organizations and investors are ready to cooperate with you in the fields of green economic model based on advanced technology and innovation, renewable energy, and green investment. President of Mongolia U. Khurelsukh's implementation of the "Billion Trees" initiative is a political leadership that has expressed Mongolia's readiness to transition to a green economy internationally.
- Mongolia's current economic situation is stable. The economy of our country, which had a -4.7 percent decline during the pandemic, would grow to 4.8 percent in 2022 and 7.9 percent in the first quarter of 2023, and the gross domestic product per capita has reached USD 5,000. In December 2022, USD 1.5 billion of the "Chinngis" bond and USD 800 million of the "Gerege" bond were fully paid in May 2023, maintaining the credit rating at the "B stable" level, and the Government of Mongolia was able to express its responsibility at the international level.
- About 90% of exports depend on mining, and we are interested in developing non-mining sectors such as tourism, cultural creative production, agriculture, including meat export, cashmere products, and renewable energy, by diversifying Mongolia's economy.
- As part of the "New Revival Policy", the Government of Mongolia put into operation the Oyu Tolgoi Deep Mine, making Mongolia the fourth largest producer of copper in the world. In the future, we will discuss future cooperation in areas such as copper processing and electric car production.
- If Mongolia had one export railway, we are happy to announce that four new export gateways are being put into operation in the framework of "Port Revival" in coordination with the "Belt and Road" initiative of the People's Republic of China. With the recovery of the port, the export income reached USD 13 billion.
- The Government of Mongolia will be committed to the policy of improving the investment environment step by step, respecting the root principle of "Mongolian Yes means Oath."
- In January 2024, Mongolia will participate with great ambition in the World Economic Forum in Davos, Switzerland.