Ulaanbaatar, July 19, 2023 /MONTSAME/. The following is the interview with Ms. Zsuzsanna Hargitai, the Regional Managing Director, Central Asia and Mongolia, European Bank for Reconstruction and Development.

What do you think is the essence of the Mongolia Economic Forum-2023 in terms of budget and sustainable development?

So we are only after the first day. One issue that we would discuss is how to turn the Vision 2050 into the results that you and I can feel in the coming two-three years. The second is that the Mongolian economy is recovering after the pandemic. We, EBRD, see that it will grow at 7.2 percent this year, and the next year 7.5 percent. This is the EBRD forecast, which is above everybody else. Last year we were right being optimistic and I am confident this year that we shall also be right. Now the second question is how to make people feel this economic growth because it is not that everywhere, and what many people, most of the people feel is the high inflation. The third is how to push in Mongolia investments that will create jobs that will make the results of the economic growth more equitably felt.

Not all investments should go in mining. Even though it is the strength of Mongolia, still not all investments should go into mining. A lot of attention should be paid to adding value, for instance, cashmere what Mongolia already produces. So we do not export raw cashmere, this is an example of adding value. Invest in energy, because the Mongolian economy requires more and more energy. Renewable energy also gives Mongolia export potential to China. You can export energy back to China if you develop one, two, or three GW of renewable. So investment, or FDI into the country, should go into the new industries as well, creative industries, such as energy.

The next issue is how to support Mongolian investors to grow so that the companies would grow. Not all of them would grow, but they grow into bigger companies.

The last thing, that underlines it all, is how can we have the Government to employ fewer people, but who will be smarter and can work in a transparent way, using digital technology. I would also like to have more efficiently working commercial courts, and more efficient implementation of decisions of these commercial courts. This would also make credits cheaper.

Recently your bank gave some USD 137 million in loans in support of green business.

Yes, all the loans are disbursed.

What shall Mongolia have to do to attract foreign investment? Improve legal environment or?

It is a long answer. Mongolia has a new draft investment law that is going to the Parliament. So you have already had one-stop-shop. So if I am a foreign investor, I can go to the Government and find information. The Government says that they are cutting back all the permits and licenses by maintaining high standards. The fewer permits you are asked for, the less room is for corruption. It is especially true when I work through a computer, and not through a pocket. The important thing is that the Government is maintaining political stability, Government and political leaders, and that is what they call macroeconomic stability. So that boom and busy period should be evened up, because investors are looking for political and economic stability. Good PR is also required.

Thank you very much for your time!

My pleasure. Thank you so much! Much appreciate.