Ulaanbaatar /MONTSAME/ J.Munkhbat, Head of the Cabinet Secretariat, delivered a report about ongoing works by the Investors Protection Council (IPC) for improving the investment environment, at the Invest Mongolia 2017 Conference commenced on September 4 at the Shangri La Hotel.

“As a result of the Governmental proper and steady policy, investors' confidence in Mongolia has revived, and companies have started to see profits thanks to an economic growth and business intensification,” J.Munkhbat underlined in his report.

“As of August 2017, the number of newly established foreign invested enterprises reached 230, increasing by 13.6 percent compared to the same period of last year. Now it is vital to sustain investments in Mongolia and to lawfully protect their rights," J.Munkhbat said.

According to his report, Mongolia lost investments amounted to USD4 billion due to a close of numerous foreign entities in last four years. Besides the world economic situation, instability of Mongolian laws and regulations and the state policy were the reason of it.

The Cabinet Secretariat Head underlined that the economic downturn, which lasted for over four years, no longer continues as a result of Governmental efforts and cooperation with partners including the International Monetary Fund (IMF). Now the economic growth has reached 5.3 percent, and this positive indicator is attributed to not only coal price rise, but also a growth of other sectors, according to statistics by the Bank of Mongolia and the National Statistical Office.

The UNCTAD and the World Bank Group conducted a survey among 33 foreign and domestic companies on complaint resolution and realization by state organizations in 2016. They assessed it "very poor" and investment worth USD1.9 billion was considered at risk due to lack of proper methods of protect investors’ interests, so the Government aims to reduce of possible risks to investors, to ensure the stability, to protect their rights and interests and to promptly tackle complaints through the IPC.

In this regard, the Government has launched certain measures to abolish legal violations and duplicates, to annul any decisions against the laws, to revoke the border cross ban for some foreign citizens and to simplify the license granting process. Other measures are being taken to abolish bureaucracy of state servants for investors.

The World Bank Group and the International Finance Corporation highly appreciated the Governmental actions and called on Mongolia for joining the Global Investment Policy Reform Forum as a founder, J.Munkhbat said. 

B.Ooluun