Ulaanbaatar
Rare Earth Elements to Greatly Attract Investments
Economy
Ulaanbaatar, July 10, 2023 /MONTSAME/. Mongolia Economic Forum-2023
discussed about rare earth elements as the main source of future development of
Mongolia, and the main sector to attract foreign investment.
Megan Clark, Chair of the
Advisory Board of the Australian Space Agency and Independent Non-Executive Director
of the Rio Tinto Group, who participated in the discussion on "Future
Development: Rare Earth Elements, Copper, and Uranium," said that Mongolia
should first of all consider how to develop this industry, particularly in the stages
of mining and processing of rare earth elements. She recommended us that we
need to thoroughly define our policy.
In this, the participation
of the Government and its environmental policy, relevant government ministries
and agencies, as well as public involvement are essential. The main thing is
that Mongolia needs to determine its goals in accordance with the development
trends of the world's rare earth elements industry. Rare earth elements is indeed
a sector with new options and opportunities for Mongolia.
As a result, there will be a
need to create national personnel and human resources, starting with scientists
and researchers in this field. Ms. Clark emphasized that by implementing all
this, the rare earth elements sector, which is the basis of future global
development, will bear fruit in Mongolia.
When clarifying what we should
do first in Mongolia to develop the rare earth elements industry, she pointed
out that this is an extremely promising industry with new options for your
country and a great opportunity to attract foreign and domestic investment.
There are countries starting from China and Indonesia that have abundant
reserves of rare elements and are using them.
The US has started investing
in the rare earth market nowadays. The process of transition from the brown
economy to the green economy has been implemented by countries in connection
with the use of rare earth elements. Collaborating with such countries in this
field is the first step. New partnerships in new industries bring tremendous
opportunities. This is the first solution.
