Ulaanbaatar, January 17, 2025 /MONTSAME/. On January 17 2025, Prime Minister of Mongolia Oyun-Erdene Luvsannamsrai attended the signing ceremony of the Investment Agreement to collaborate on a uranium project between the Government of Mongolia and the "Orano Mining" company of the French Republic and delivered remarks. We present the full speech of Prime Minister Oyun-Erdene.

Dear Mongolians,

Dear International Investors,

Today, Mongolia is signing an Investment Agreement with France on cooperation in a uranium project. This agreement is of historic significance as it is the second major investment agreement Mongolia has signed with a third neighbor.

There is a saying, "A Mongolian Yes is a Pledge." While it is not easy to make a deal through open debate with the Parliament, once a deal is made, it is legally stable. The Government of Mongolia will strictly adhere to the Investment Agreement and Intergovernmental Agreement approved by the State Great Khural. 

Witnessing this historic moment, the honorable members and officials of the State Great Khural and Government of Mongolia, Minister Delegate for Foreign Trade and French Nationals Abroad Laurent Saint-Martin, Ambassador of the Republic of France to Mongolia Corinne Pereira, CEO of “Orano” Group Nicolas Maes, I would like to express my gratitude to you all and congratulate you on the 60th anniversary of the establishment of diplomatic relations between Mongolia and France, which is marked this year.

I would like to emphasize that the Republic of France is our “third neighbor” and a close and reliable partner in Europe. On behalf of the Government, I would like to express my gratitude to President of Mongolia Khurelsukh Ukhnaa, Chairman of the State Great Khural Amarbayasgalan Dashzegve, the members of Parliament who openly discussed and approved the investment agreement at the sessions of the State Great Khural, the leaders of the political parties in Parliament, the Working Group of the Government, and academics in the field.

As part of the systemic reform for implementing the long-term development policy of Mongolia “Vision-2050,” Mongolia transitioned to a mixed electoral system with the amendments to the Constitution in 2023. As a result of the 2024 parliamentary elections, a Joint Government was formed and proposed the “Courage for Rapid Development” Program, announcing the implementation of 14 mega projects that had been stalled for many years due to political reasons.

The Joint Government has managed to launch its third mega project today. In terms of its socio-economic importance, I believe this project will give countries confidence in Mongolia’s investment environment and will be the starting point for an important revival of foreign direct investment, particularly investment into clean energy. We are taking an important step towards fulfilling the obligations and commitments to the United Nations and the international community under the 2015 Paris Agreement on combating climate change. As part of this project, 68.9 thousand tons of uranium, the main raw material for green energy, nuclear energy, will be produced, reducing the country's greenhouse gas emissions by 3.9 billion tons, compared to traditional coal-fueled power plants.

I would like to note that Mongolia is putting its natural resources into economic circulation towards the production of clean energy. The implementation of this project will bring about USD 5 billion in revenue to the Mongolian people, and USD 44 million will be directly transferred to the rural development fund to support rural communities and finance their education, health, and social development.

The project is unique in that the revenue from the project will be directly collected in the savings accounts of citizens in the Savings Fund of the “National Wealth Fund” from the moment the project is launched in accordance with the Law on the National Wealth Fund, without waiting for dividends. This Investment Agreement proves to countries that the Law on the National Wealth Fund does not restrict investors but rather provides a legal environment that ensures citizens’ participation and support for large projects through holding mutually beneficial deals.

The parties have agreed to follow international standards based on the good practices of Kazakhstan in project implementation, and I would like to remind the investor that the Mongolian people and civil society organizations require all obligations under the agreement to be strictly fulfilled, including environmental protection, rehabilitation, and quality standards. I also hope that new uranium mining technologies and know-how that meet French and European Union standards will be introduced to Mongolia, new types of factories be built, 1,600 highly qualified specialists trained, and a skilled human resource formed from Mongolian citizens, as reflected in the agreement

As the country with the fastest growing economy since COVID, Mongolia is ready to work with governments, investors, and wealth funds from all over the world to develop mutually beneficial investment cooperation in mineral resources, clean energy production, agriculture, tourism, transport logistics, and infrastructure. May Mongolia prosper under the eternal blue sky."