“Economics in the midst of pandemic – Public-Private- Investors meeting”
On the 200th day of the formation of Mongolia’s new government, AustCham Mongolia has attended the “Economy in the midst of the pandemic – Public-Private-Investors Meeting”, involving foreign investors and representatives of the international organizations in Mongolia.
During the meeting, Prime Minister L.Oyun-Erdene announced that the Government of Mongolia is announcing a policy to intensify public-private partnerships, marking the 200th day since the formation of new government. In the future, the government will draft a law to revive the economy during the pandemic and submit it to the State Great Khural which is expected to be a great impetus to:
– Revitalize the post pandemic economy and increase capacity;
– Provide policy support to increase exports and develop domestic import-substituting industries;
– Increase foreign and domestic investment and expand the economy;
– Intensify further public-private partnerships and create a favorable business environment.
”Investors and representatives of international organizations expressed readiness to cooperate in agriculture, renewable energy and food production. They expressed support for the Prime Minister’s plans to create a legal environment for economic recovery amid the pandemic, digitalize the state procurement and the establishment of the Ministry of Digital Development.
They also asked the Prime Minister to hold such meetings more often than once.”The government will continue to take a very responsible approach to investment,” he said. “As the Prime Minister, I promise to do my best to reflect on the past and start a new in the future.”
“A working group set up by the Government is looking into the agreements reached with foreign investors in the past. I, hereby, announcing that the Mongolian government will take responsibility if any foreign investment, agreements, and mega projects are stalled due to the fault of the Mongolian side. This has also been announced during a meeting with the ambassadors.”
Below is a recap of key messages from the Prime Minister:
- Marking the 200th day since the formation of the new Government and as part of its reform agenda, Prime Minister of Mongolia L. Oyun-Erdene sincerely apologized on behalf of the Governments of Mongolia for all the uncertainties surrounding foreign investment over the past 30 years and said “I promise to do my best to reflect on the past and start anew in the future.”
- A national committee will be established led by the Prime Minister which includes a national committee on Economy, Increasing Exports, Supporting Import-Substituting National Production, Strengthening Public-Private Partnerships, and Increasing Investment;
- A sub-working group consisting of investors and representatives of the private sector will be established under the National Committees
- In 2022, the Ministry of Economy and Development, and the Agency of Trade, The Agency of Investment will be established;
- “Economic Recovery Law” will be drafted and will be submitted to the State Great Khural this Fall session. The law will serve as an enabling environment for fast-track implementation of projects that are crucial n revitalizing the economy.
- The PM recognizes the FDI as one of the key pillars of economic recovery and will ensure that the legal environment is improved, protection of investors and dispute resolution capacity is enhanced, services are digitalized and inclusive, and projects are implemented through intensified public-private partnerships in a favorable business environment.
Key comments from participants:
- Investors and representatives of international organizations, business councils, investment banks and chambers of commerces expressed readiness to cooperate in overall investment reform; project readiness & acceleration, legal environment, investor protection, dispute resolution, projects promotion in priority sectors and digitalization efforts.
- Participants expressed support for the Prime Minister’s plans to create an enabling legal environment for economic recovery amid the pandemic;
- Participants also:
- – endorsed GoM for its current reform efforts in investment sector with respective international organizations and noted the importance of building more capacity in its mandated Government body
- – suggested improving public perception of FDI in the country
- – urged for more focus on green transition
- – noted the importance of sector-specific investment strategies, agriculture, renewable energy and food production i.e
- – highlighted improving baseline ranking scores of the country (Doing Business)
- Participants also requested the Prime Minister to hold such meetings more often than once.
Please refer below for more details:
Link to Photos: https://cutt.ly/JQMGVW2 (OneDrive)
News coverage in English:
https://bit.ly/3zcdjTD PM: A policy to intensify public-private partnership is being announced
https://bit.ly/3D0rHjR PM L.Oyun-Erdene apologizes to foreign investors
Press release in Mongolian: https://zasag.mn/news/view/26032