Ulaanbaatar
J.Munkhbat: We aim to make Mongolia again favorable country for investors
Politics
Ulaanbaatar /MONTSAME/ J.Munkhbat, Head of the Cabinet Secretariat for Government and head of the Investor Protection Council (IPC), has addressed the August meeting of the American Chamber of Commerce in Mongolia organized with support from the US Embassy in Mongolia.
“The Mongolian economy which saw a downturn last year has started increasing to 5.3%, and the budgetary income steadily growing up since 2017. This is a result of a policy, actions and cooperation performed with the International Monetary Fund, other organizations and countries. Confidence of foreign investors in Mongolia is reviving, brining some profit to companies. I wish Mongolia became again a favorable country for foreign investors,” said Munkhbat at the opening of the meeting.
The Cabinet Secretariat Head expressed thanks to Ms Jennifer Zimdahl Galt, the Ambassador of the USA to Mongolia, for supporting certain works by the government to improve the environment for investors.
“Mongolia has satisfied the IMF conditions, so the sustainable development policy and goals must be ensured. It has become a clear from statistical information that the parties should collaborate in upgrading the legal landscape on investment, tackling complaints, disputes and requests from investors and not repeating any controversial situation,” he noted.
At the meeting, investors touched upon issues of instability of the Mongolian government, regular changes of laws, which leading dubious condition, and complained about bureaucracy of state servants. They also clarified some planned actions for backing investors through the tax policy, focusing attention to infrastructure of big projects and programs and attracting new investment.
Last year, the World Bank Group made a survey among 33 foreign and domestic enterprisers to observe the state services, and then valued it as ‘seriously poor’ at resolving complaints and requests. Related to the complaints, investment of USD 1.9 billion has been considered as risky.
Due to the reason, the IPC has formulated a draft rule on considering and tackling requests and complaints from investors towards state administrative bodies and servants in order to protect investors’ interest and to make the legal environment more stable and favorable. In addition, a draft law will be submitted to parliament soon on abolishment of contravention and duplication in laws.
Head of the Cabinet Secretariat is expected to meet investors and businessmen of Australia and the UK in near future to hear their opinions and ideas.
B.Khuder
