Mongolia opens online investment guide system

PM Ch.Saikhanbileg presenting a speech at online investment guide system launch

Last week, a ceremony for the launch of an online Mongolian investment guide was held at Best Western Premier Tuushin Hotel.

The online investment system will provide investors with necessary information about the Mongolian economy, gather information about the nation’s leading business sectors, consolidate information about the legal and investment environments, notify investors about investment opportunities, and publish registration and licensing guidelines. Officials underline that information online will always be accurate and updated.

During the launch ceremony, Prime Minister Ch.Saikhanbileg said, “Mongolia is still attracting the interest of foreign investors. The government has always believed that foreign direct investment is the main pillar for sustainable economic development in Mongolia. We always adhere to a policy of supporting investments.”

The PM noted that the Law on Investment was adopted in 2013, which protects the rights of investors, creates a system for support, provides tax exemptions, frees the market, and mitigates business expenditures and bureaucracy. Ch.Saikhanbileg said that in the World Bank’s 2016 Doing Business report, Mongolia was ranked 56th out of 189 countries, and was ranked 18th in connections with its system for protecting investors’ rights, a high evaluation of Mongolia’s legal environment.

“Oyu Tolgoi was crucial for expanding the nation’s economy. OT’s underground mine development will also have a positive influence on the economy, and it will be the main project directing other foreign investors,” said the Prime Minister.

The PM said that Mongolia is now carrying out many development projects, and as the number of projects increases, the necessity of attracting foreign investment and supporting investors has arisen. He added that as of 2015, Mongolia has signed three investment agreements and issued eight guarantee certificates to investors. The total financing for these projects stands at three billion USD. PM Ch.Saikhanbileg said that Mongolia has signed over 20 concession agreements, and the financing for projects that are being implemented by the private sector without state support equals around four billion USD.

“Mongolia is placing a high priority on diversifying the economy. It is obvious that mining is the main driving force of the nation’s economy, but we also need to focus on developing the trade and industry sectors,” the PM said.

Ch.Saikhanbileg pointed out that Mongolia has great resources and potential in the fields of agriculture, energy, finance, health, tourism, information technology, and infrastructure, and they all require investment.

The PM added that the government is directing coal deposits toward producing energy, and presented information about power plant construction projects.

He noted, “The Law on Investment includes the provision of one window online service, part of which is being implemented today. We need to create a pleasant environment for attracting foreign investors and provide them with real, new, accurate, and accessible information.”

The ceremony for launching the online investment guide was held in the presence of Head of the Cabinet Secretariat S.Bayartsogt and Permanent Representative of the UN Development Program Beate Trankmann.