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SRCIC
Member Updates: Opportunities in Mongolia introduced to Chinese investors
22 Mar 2018

 

 

 

Ulaanbaatar /MONTSAME/ With an aim to intensify the trade and economic cooperation between Mongolia and China, an investment forum is being held at the Embassy of Mongolia in Beijing on March 18-21.

The Economic Cooperation Society of Mongolia (SRCIC member) and the Chinese National Association of Industry and Commerce are co-organizing the ‘Opportunities in Mongolia’ forum, where the Mongolian Government actions and policies and upcoming projects, tax environment and the state of economy are being introduced to Chinese investors and enterprises.

During the forum, prospective projects were introduced by over 50 organizations and businesses entities attending the forum from Mongolia including the Ministry of Mining and Heavy Industry and the Ministry of Food, Agriculture and Light Industry, and representatives of more than 100 Chinese enterprises, members of the National Association of Industry and Commerce.

"The business environment in Mongolia is relatively favorable today. Chinese investment increased by 34 percent in 2017 than the previous year. While the economy recovers and the trust of investors is being restored, we must increase the investment opportunities and disseminate more information,” said Deputy Head of the Mongolian-Chinese group in the Parliament S. Byambatsogt during the forum to MONTSAME correspondent in Beijing.

The Member of Parliament continued, ‘Mongolia is receiving support from developed nations and international organizations. For instance, Mongolia can export 7,200 types of home-made products to the European Union and 5,700 to Japan without tax. Businesses and foreign investors are not well aware of this. We believe that when more people know about this opportunity, there will be an increase in investment into Mongolia.”

The former Justice Minister also mentioned Mongolia’s chance to transport goods across Chinese territory on a 40 percent lower tariff than other countries, authorized by the Chinese Government in 2015. “We must utilize this opportunity,” he said.

Furthermore, the Government is working towards tax-exempt export of Mongolian-made knit and textile products to the United States. “Such opportunities must be used to invest more into the manufacturing of final products in agriculture sector.”

"On the other hand, we should focus on the major Government-backed projects, including the production of gas from coal at the Tavan Tolgoi deposit, Ger District redevelopment in Ulaanbaatar, construction of the Emeelt Light Industrial Park, and the Zamyn-Uud Free Economic Zone, which have been introduced at this forum,” S.Byambatsogt said.

The Mongolian Economic Cooperation Society and the Chinese National Association of Industry and Commerce established a cooperation agreement in 2016, the same year Mongolia joined the Belt & Road Industrial and Commercial Alliance.

 

Source: http://www.montsame.mn/