Labor and Industry Ministries to support micro businesses


Labor Minister G.Bayarsaikhan and Industry Minister D.Erdenebat signed a memorandum of cooperation on Wednesday at the State Palace to increase jobs by supporting micro businesses and entrepreneurs.

The memorandum was signed to implement Mongolia’s long term sustainable development strategy through 2030, the state’s industrial policy, and the Mongolians with Jobs and Income program. Under the memorandum, the ministries will jointly resolve issues for necessary training for families and micro businesses, and resolve financing through concessional loans to support their activities, in accordance with laws on supporting labor and other regulations.

During the memorandum signing ceremony, Minister G.Bayarsaikhan said that the Mongolian government is prioritizing support for small and medium enterprises, especially for family and micro businesses. He said, “Family and micro businesses are the base of the business sector. The Labor Ministry is following a policy to support family and micro businesses, which make up around 60 percent of the nation’s businesses.”

Around 50 billion MNT in concessional loans will be issued to businesses from the Small and Medium-Sized Enterprises Support Fund. The Labor Minister noted that this will provide opportunities for businesses to expand their activities and increase jobs. “The Ministry is working this year toward supporting employment of the youth. Under the memorandum established with the Industry Ministry, we will focus on supporting young entrepreneurs and young people interested in doing business activities.”

The ministries will also organize measures for promoting the products and services of family and micro businesses in the domestic and foreign markets. Under the memorandum, they are also responsible for helping businesses set new ties with domestic and foreign investors, and organizing trade fairs for strengthening their cooperation.