Mongolia’s “Three Pillar” Plan for Development

Mongolia’s “Three Pillar” Plan for Development

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Late last month the Mongolian Economic Forum held a “Uniting Power” session offering a vision of increased Public-Private Partnership (PPP) in investment. The forum included current government officials presenting details about Mongolia’s specific strategies and new policies for investment and development.

An important part of the forum was an update on the “Three-Pillar Development Strategy”, a plan set out in 2015 27 criteria for development toward 3 primary program goals. The plan lays out proposed reforms through 2050.

As outlined by Cabinet officials, new development projects will target agriculture, food product exports, growth in tourism, diversification of industry, and further investment in infrastructure. The government hopes to implement these development changes in a way to achieve sustainable development.

The government also plans new public health and welfare programs to reduce overall unemployment and poverty levels.

New development projects highlighted at the forum include, establishment of a new petroleum refinery, a specialized zone for development of agricultural solutions, new waste recycling facilities, and a new international airport to serve the capital. These products are expected to be funded through a mix of foreign loans, private capital, and public funding. These projects are expected to lead to a significant number of new and higher paying jobs.

LehmanLaw Mongolia welcomes these important PPP projects to Mongolia, and sees such cooperation as a vital way to increase economic growth.

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