Ulaanbaatar, July 9, 2023 /MONTSAME/. Chairman of the State Great Khural G. Zandanshatar delivered the keynote speech to the Mongolia Economic Forum-2023.

He said that this economic Forum is being held during the National Festival Naadam under the slogan "Welcome to Mongolia." The spring session of the Parliament that had been concluded just two days ago was of a progressive reform or reform session. For the last four years, we have been pursuing the idea of a "3D" reform.

First, Digital, or we have passed a set of digital reform laws in the last 4 years, and the parliament itself has prioritized reform to ensure public participation be online. The Parliamentary reform can be formulated secondly, Democratic, and thirdly, Deliberative. Democratic is about participatory decision-making and listening to the aspirations of the people in order to shape the democratic ideals of the parliament. The third "D" or Deliberative, which aims to develop the idea of parliamentarism, implemented this change and reformation by using mechanisms that consult with other political parties, consult with social representatives, and listen to their opinions.

In accordance with the idea of "3D" reform, the goal was to reform 10 sets of laws in 3 areas in the last spring session. First, constitutional changes are being implemented to strengthen democracy. Before the amendment of the Constitution in 2019, there were 14 changes of governments in the 25 years until 2017, and to that extent, the instability of governance and policies caused difficulties and challenges for the economy and investors. However, the amendments to the 2019 Constitution have been completed, and regulations for strengthening democracy, ensuring representation, and implementing stability have been basically fulfilled.

Now the governance has been strengthened, under the leadership of the Prime Minister, the functioning of the House has improved and the governance has become stable. There is no doubt that this amendment to the Constitution will create a stable investment environment in the future.

Following the amendments to the Constitution, the Law on Parliamentary Elections and the Law on Political Parties have been changed. A package of 3 laws to support economic liberalization, create a stable investment environment, and diversify the economy has been approved.

In the future, we will intensify the fiscal reforms that will increase macroeconomic stability and competitiveness.

First of all, we aim to create a legal environment that supports but not competes, regulates but not prohibits the private sector. Parliament has passed several laws to improve the business environment. For example, the Law on Permits was newly approved, the number of permits was reduced from over 1,600 to 362, and the process of obtaining permits is now transparently and openly resolved digitally within 30 days. The Law on the Exchange of Mining Products was approved by the State Great Khural in December 2022 and came into effect on June 30, 2023. In this way, the fulfillment of the obligations of the contract for the supply of mineral products will be guaranteed, the risk of trading participants will be reduced, and it will positively affect the establishment of the real market price.

In order to limit the state's involvement in the economy, the draft law on state-owned and locally owned companies is being discussed in the Great State Khural. Besides, the Parliament approved the Law on Public-Private Partnership, which creates a legal framework for the implementation of major infrastructure projects, public services, and tasks by the private sector. In January of this year, the Law on Diversified Investment Banking has been approved. The policy to increase foreign investment in the financial sector has been legalized, and the legal framework for the operation of foreign banks has been clarified. The Government has recently submitted a revised version of the Investment Law to the Parliament. We plan to discuss a set of draft laws, such as the Law on Non-judicial Debt Settlement, the Law on Insolvency, the Law on Civil Litigation, and the Law on the Execution of Civil and Administrative Decisions.

The third direction of economic reform is legal reform to support economic diversification and industry. The mining sector accounts for more than 90% of the country's total exports and about 40% of the budget revenue, which clearly shows the need to intensify economic diversification and advance industrialization in line with the Sustainable Development Goals.

Thirdly, in the 2023 spring regular session of the Parliament, major reform laws aimed at human development have been approved. Sixty five percent of Mongolia's population is young people under the age of 35.

The comprehensive reform of the General Law on Education aims to prepare Mongolian people who are competitive at the world level, fluent in foreign languages, and have professional skills and knowledge. In addition, a package of public health protection laws has been approved. A package of social insurance laws has been passed. Basically, a set of reforms aimed at improving politics, governance and democracy, liberalizing and diversifying the economy, and creating stability has been carried out.

The National Wealth Fund Law will be approved in the next autumn session. In order to accelerate economic development, the Law on State Owned and Locally Owned Companies will reduce state involvement, improve governance, optimize the distribution of wealth against corruption and injustice, and create mechanisms for effective resolution of business disputes.

As a result of all this, we are showing and proving to our investors that we are creating stability by our actions, not by our appeals. He expressed his belief that the Economic Forum will be a conference to discuss mutual trust and understanding, and expand cooperation, and wished every success.