National Press Club

Invest Mongolia provides opportunities, seeks prosperity

December 13, 2013 | By Keith M. Hill |

Invest Mongolia, the Mongolian government’s new effort to attract foreign investment, will create a win-win situation for the country and investors, said Mongolian Cabinet Minister Saikhanbileg Chimed at a Dec. 9 National Press Club Newsmaker event.

Part of this effort includes the approval in October of the Mongolian Investment Legislation. This new law ends different rules for domestic and foreign private investors and provides investors with political and legal stability.

Mongolia seeks to diversify and sustain its economy, fight corruption and establish a sovereign-wealth fund, Saikhanbileg said. Mongolia had economic growth of 12 percent in 2013 and will reach 15 percent next year, he said.

The minister’s presentation, entitled “Win-Win With Mongolia,” was made up of three legs: opportunity, stability and prosperity.

Opportunity exists in the fact that, in addition to double-digit economic growth over the past two years, Mongolia has an inflation rate of 1 percent and possesses world-class minerals, Saikhanbileg said.

Mongolia is stable because it has been democratic since 1990, has a free-market economy and new laws covering investments and securities, Saikhanbileg said. Mongolia is ranked 76th when it comes to the best countries in which to do business, he said.

Mongolia will seek prosperity by expanding its current railroad system, building new pipelines and constructing 100,000 apartment buildings, Saikhanbileg said.