Invest in Mongolia

Invest in Mongolia

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The Foreign Ministry and National Development Agency have officially opened the “‘Invest in Mongolia’ one-stop service center. The Service Center aims to enable foreign investment, by creating favorable conditions for foreign investors in Mongolia. Key issues the Center hopes to address are in reforming the legal conditions for investment, refine public services, and generally minimize common difficulties encountered by foreign investor in Mongolia. The Service Center will provide a one stop location for all public services, including registration, insurance, taxation, immigration, and other public services relevant to foreign investors.

Prime Minister U.Khurelsukh recently met with Mohinder Pratap Singh, the Ambassador of India to Mongolia. The two took the opportunity to discuss issues of bilateral trade, and continued cooperation in economic and development. One of the major topics discussed was the Indian funding oil refinery project, which will be the first oil refiner in Mongolia. Indian parties are currently at stage of securing financing for the development, and in the training of a workforce of Mongolian engineers and technicians to work in the refinery. The refinery project will be a major milestone in Mongolia’s economic development.

The Cabinet held a working group meeting this week reviewing outcomes of the official privatization process initiated in Mongolia in 1992. The review comes as Parliament is in the midst of deliberation regarding possible privatization of 27 state owned or partially state-owned organizations.

Starting in 1992, Mongolia privatized over 900 formerly state-owned entities, via a voucher system. A Major criticism of this process was that its results were unfair. The current review is to look at the results of the past privatization process and specifically the distribution of resultant dividends.

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