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This week the Ministry of Foreign Affairs and the Bank of Mongolia invited 120 representatives to the Foreign Trade and Investment Environment and its Challenges workshop. The workshop focused on expanding Mongolia’s economic output beyond mining products.

On May 20 the Executive Director of the World Bank Group met with Speaker G.Zandanshatar to discuss the general state of the economy in Mongolia and specific social and economic development policies. At the meeting, the Speaker thanked the World Bank for it’s support as Mongolia works toward reform of governance, economy and society, which Mongolia describes as the Three Pillar Development Policy.

The Speaker highlighted reforms focused on building light and medium industries, including the animal meat industry, and gradual increase of manufacturing and export industry in Mongolia. Part of Mongolia’s strategy is to focus on making the country more attractive for foreign investment, by building a strong legal system and expanding practical reforms.

The Central Asia Regional Economic Cooperation Institute and the United Nations Industrial Development Organization held the Promoting Economic Diversification seminar in Ulaanbaatar on May 16-17. The conference provided opportunity for to exchange ideas and best practices for developing economies and economic diversification, and included delegates from 11 CAREC countries.

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