Canadian Minister of International Trade Francois-Philippe Champagne announced during his meeting with Mining Minister Ts.Dashdorj, that the Mongolia-Canada Foreign Investment Promotion and Protection Agreement (FIPA) has entered into force.
Minister Ts.Dashdorj met with Minister Champagne on the sidelines of the Prospectors and Developers Association of Canada convention organized in Toronto.
“This agreement sets out a framework of legally binding rights and obligations that will protect Canadian investors in Mongolia. The strong reciprocal protections in the FIPA will help Canadian and Mongolian companies deepen commercial ties with confidence and spur job creation,” the Global Affairs Department of the Canadian government reported.
In 2015, Statistics Canada estimated Canadian investment in Mongolia to be approximately 6.4 billion USD.
Global Affairs Canada underlined how the “positive investment climate created by the FIPA” could also help increase deeper cooperation in non-mining sectors in Mongolia, such as agriculture and infrastructure.