Ulaanbaatar
“Industrial and technology parks will be established in satellite cities”
Politics
Ulaanbaatar /MONTSAME/. On March 14, the Parliamentary Standing Committee on Industrial Policy organized a discussion on the bill for industrial and technology parks.
The bill for the revised law was introduced by MP S.Byambatsogt. The Law on Industrial and Technology Parks was approved by the State Great Khural in 2009. Despite over 10 years having passed since its adoption, the fact that there has yet to be any industrial, technological parks working in full capacity shows that the law is being insufficiently implemented.
According to an assessment carried out by the Parliamentary Office, it was found that there are certain factors creating hurdles in the law’s implementation such as undefined financial resources, no favorable tax environment, and too short of a duration for the corresponding special permission.
As of today, 11 entities have obtained special permissions for industrial and technology parks.
The bill for the revised law is being developed in a way that defines the legal basis for industrial and technology parks, the parks’ main goal, its types, organizational structure, operations as well as government support and corresponding monitoring. For instance, through the revised law, opportunities are planned to be created for entities that are newly entering the sector by exempting them from tax, and comprehensively resolving their engineering infrastructure issues.
