Ulaanbaatar
All Government Organizations Assigned to Protect and Support Investment
Economy
Ulaanbaatar, July 10, 2023 /MONTSAME/. Deputy Prime Minister, Minister
of Economy and Development of Mongolia Ch. Khurelbaatar delivered today's
keynote speech at the Mongolia Economic Forum-2023.
In his speech, he listed the sectors that can be invested in Mongolia. First, he mentioned the energy and infrastructure sectors, and emphasized that Mongolia's agriculture sector is a new sector that can attract foreign investment. "Therefore, we should manufacture and supply the products of this industry in accordance with international standards," he said.
The next sector is mining and mineral resources. We intend to produce finished products in this sector through primary processing. It includes:
• Copper concentrate
processing plant,
• Coal concentrator,
• Oil refinery (currently
under construction),
• The process of attracting
investment in steel and uranium is underway.
Mining
is still a sector that attracts the attention of foreign investors in Mongolia, and Mr. Ch. Khurelbaatar
underlined that we will continue to develop the policy of
creating processing plants in this sector.
In his speech, the Deputy
Prime Minister briefly introduced the Draft Investment Law to the participants.
"We are changing the regulations with many provisions that limit
investment, such as high threshold for setting up a business, additional
paperwork required by the Government, and duplication." He informed investors
that now they have the opportunity to approach the Council for the Protection
of Interests of Investors regarding their problems and violation of rights. The
duty to protect and support investment has been included in the functions of
all government organizations. He also said that the situation of solving
problems through arbitration has become open, and all possibilities are
included in the law.
Regarding the system for resolving investors' complaints, the Government of Mongolia upon discussion of this issue has assigned relevant ministries and agencies, and now they duly handle these issues. He also informed that the Government prepared the Draft Investment Law and submitted to the State Great Khural. The parliamentarians completed its first discussion and the Standing Committee on Economy of the Parliament supported it.
