Ulaanbaatar
Foreign Investment to Be Attracted in Priority Economic Sectors
Politics
Ulaanbaatar, November 13, 2024 /MONTSAME/. A Working Group, headed by Deputy Prime Minister of Mongolia Dorjkhand Togmid, is responsible for developing a revised draft Law on Investment and submitting it to the Government of Mongolia and the State Great Khural of Mongolia.
The revised draft Law’s objectives are to achieve investment environment stability, foster investment, protect the rights and lawful interests of investors, enhance investment guarantees, and ensure greater access and efficiency in support and public services offered to investors.
The revised draft Law permits:
- Enhance guarantees to investors, aligning with best international practices,
- Establish a council or system for the protection of investors' rights and the resolution of complaints,
- Secure the right to international arbitration procedures for settling disputes between investors and the State,
- Entrust the protection and promotion of investments to all public organizations,
- Regulate tax incentives within the confines of the General Law on Taxation,
- Eliminate overlapping government inspections,
- Simplify the process for issuing stabilization certificates and enable electronic issuance.
Upon implementation, this Law will provide a favorable investment environment that attracts foreign direct investment, encourages reinvestment, increases capital inflow, and creates conditions that ensure stable economic growth. By attracting foreign investment in priority economic sectors, the Law will expand manufacturing and infrastructure, increase exports of value-added goods, boost foreign trade, introduce advanced technology and expertise, enhance Mongolia's competitiveness through innovation, and create stable employment opportunities.
