Press Release: Legal Reform to Promote Investment Forum
The Office of the Parliament Secretariat and the American Chamber of Commerce in Mongolia (AmCham) organized the Legal Reform to Promote Investment Forum at the Government House on October 26, 2021
In his opening remarks, Speaker of Parliament G. Zandanshatar stated, “There’s an urgent need for legal reform to improve the investment climate, to support investors, attract foreign investment, and bring investment efficiency to a new level.”
AmCham Mongolia’s Director of Policy and Advocacy G. Javkhlantugs gave a presentation on the investment and business climate in Mongolia, and global best practices in national investment policies, and stated that Mongolia’s foreign investment in 2020 had declined by 571 million USD compared to 2019. Mongolia’s economy is heavily dependent on its two neighboring countries, which results in economic dependence in terms of the export of key commodities and import of staple food items. Per Mongolia’s third neighbor policy and national security agenda, Mongolia has been strongly encouraged to pursue foreign direct investment (FDI) from third neighbors, including developed nations such as the United States and EU countries, by adopting the latest technology, know-how, and equipment.
AmCham Mongolia recommended that Parliament and the Government of Mongolia develop and implement a long-term strategic plan to increase FDI and investor friendliness; support foreign companies that have already invested in Mongolia; and provide legislative stability as well as policy and tax incentives for future investment.