Goverment Pays Special Attention on Revival of IndustrializationEconomy
Ulaanbaatar, May 26, 2023 /MONTSAME/. By the initiative of Prime
Minister L. Oyun-Erdene, the National Conference on Industrialization has taken place today in the State Palace.
One of the key goals of the Government's "New Revival Policy" is "Revival of Industrialization." The main purpose of the Conference is to provide concrete solutions on a large scale for enhancing the utilization of energy and infrastructure potential and coordination of public and private sectors, which are crucial for the sector’s investment, legal environment, and the recovery of industrialization. Approximately 1000 domestic and foreign representatives are participating in the conference, which is co-organized by the National Industrialization Committee, Ministry of Mining and Heavy Industry, National Mining Association, and "Erdenes Mongol" Association.
Prime Minister L. Oyun-Erdene underlined
that the significance of this Conference is to determine the solutions to increase
the export of mining products, which is a backbone of the country’s economy,
and diversify the economy. Over the past two years, the Government has been
focusing on overcoming the difficulties of the pandemic, and has announced to implement "New Revival Policy." All attention was focused on the core
of the medium-term policy – "Port Revival."
Quite a number of important results have been achieved, such as agreeing on the border connection point that was not able to be resolved for many years, and commissioning Gashuunsukhait and Zuunbayan railways into operation, which aims to increase the export transportation gates of mining products. The Government has paid particular attention to the digital transition of public services and has integrated approximately 1000 services of more than 80 Government organizations into the "E Mongolia 3.0" system. Similarly, the Prime Minister officially announced that the Government will pay exceptional attention to intensifying the "Revival of Industrialization."
Mongolia ranks 15th in the world with 173 billion tons of coal reserves, and 6th in Asia with 74 thousand tons of uranium reserves. A total of 36 million tons of copper reserves, about 250 million tons of oil reserves, 11 billion tons of iron ore reserves, and three million tons of rare earth element reserves have been registered, while 22 million tons of feldspar reserve accounts for nine percent of the world's reserves.
To this extent, the mining sector accounts for 93 percent of Mongolia's exports and 69 percent of foreign direct investment. For our country with the dominance of raw materials export, the primary goal is to build up process plants of the main raw materials such as coal, oil, copper, and iron ore, and to increase the production of value-added products based on advanced technology and innovation. Minister of Mining and Heavy Industry J. Ganbaatar accentuated that it is necessary to focus mainly on accelerating the process of transition from mining to processing by clarifying the legal environment, attracting investment, and preparing human resources.
Minister of Economy and
Development Ch. Khurelbaatar presented in detail the current situation of
Mongolia's economy, external and internal factors, and future trends to the
participants of the conference. He said that in order to diversify its economy,
Mongolia should concentrate attention on two sectors: industrialization and
tourism, and facilitate a stable investment environment for industrialization.