Ulaanbaatar
‘Mongolian Minerals and Mining 2018’ forum taking place
Economy | Mining
Ulaanbaatar /MONTSAME/ The first investment forum themed ‘Mongolian Minerals and Mining 2018’ is being held by the Ministry of Mining and Heavy Industry on March 22-23 with aims to introduce investment environment of Mongolia, current state of mineral sector, policies, projects and programs and to attract investment. The forum is being attended by more than 100 delegates.
Mining industry alone makes up 90 percent of export products, 77 percent of industrial products, 22 percent of GDP and 25 percent of budget revenue. Therefore, the Ministry is focusing attention on projects targeted at fostering economic growth, producing value-added products and increasing jobs through encouraging investments. By doing so, we adhere to principles of consolidating partnership between government and private sector and cooperating openly with entities and investors to fulfil these objectives, Minister of Mining and Heavy Industry D.Sumiyabazar said.
During the forum, head of the Heavy Industry Policy Department of the Ministry, D.Davaadorj presented projects to be implemented in the heavy industry field. Government of Mongolia resolved to establish oil refinery in Altanshiree soum, Dornogobi aimag and copper smelter at Oyu Tolgoi mine. Moreover, the Government plans to construct coal-to-gas plant at Baganuur mine in Bayandelger soum, Tuv aimag. According to feasibility studies of these projects, a total of USD 5.8 billion is required.
Owing to the projects, GDP is envisioned to grow by 15 percent, over 30 types of related factories to be set up, USD 300 million is to be paid to the state and local budgets a year, import volume to fall by USD 1 billion and foreign trade profit to up, the Government and the Ministry estimate. Also, it will create over 2800 direct jobs and over 3000 indirect jobs.
Mining industry alone makes up 90 percent of export products, 77 percent of industrial products, 22 percent of GDP and 25 percent of budget revenue. Therefore, the Ministry is focusing attention on projects targeted at fostering economic growth, producing value-added products and increasing jobs through encouraging investments. By doing so, we adhere to principles of consolidating partnership between government and private sector and cooperating openly with entities and investors to fulfil these objectives, Minister of Mining and Heavy Industry D.Sumiyabazar said.
During the forum, head of the Heavy Industry Policy Department of the Ministry, D.Davaadorj presented projects to be implemented in the heavy industry field. Government of Mongolia resolved to establish oil refinery in Altanshiree soum, Dornogobi aimag and copper smelter at Oyu Tolgoi mine. Moreover, the Government plans to construct coal-to-gas plant at Baganuur mine in Bayandelger soum, Tuv aimag. According to feasibility studies of these projects, a total of USD 5.8 billion is required.
Owing to the projects, GDP is envisioned to grow by 15 percent, over 30 types of related factories to be set up, USD 300 million is to be paid to the state and local budgets a year, import volume to fall by USD 1 billion and foreign trade profit to up, the Government and the Ministry estimate. Also, it will create over 2800 direct jobs and over 3000 indirect jobs.
Furthermore, specialist of the Budget Revenue Division of the Ministry of Finance, B.Telmuun gave information on Law on Taxation under revision, where several regulations are provided for on encouraging entities and investors and reducing their financial burdens.
B.Batchimeg
