Elected Chairman James Liotta’sOpening Address to Members
AmCham Mongolia’s newly elected Chairman of the Board, Mr. James Liotta, delivers opening address on building a High-Trust Economy.
"Members of AmCham, colleagues, friends,
I would like to begin by recognizing the remarkable progress Mongolia has made since I first arrived more than 25 years ago. Over the decades, we have not only witnessed but actively contributed to periods of profound growth. We’ve watched the Mongolian people demonstrate extraordinary resilience, adaptability, and courage – embracing democracy and shaping a vibrant market economy.
Let's start with the facts.
The facts are fantastic. Mongolia’s long-term productive capacity is stable. Its resources and potential are still here. The World Bank and Asian Development Bank projected robust GDP growth, driven by the full potential of Oyu Tolgoi and a new era of mining. The EBRD sees vast opportunities in renewable energy. The value of our people, our companies, and our resources is not changing dramatically each day. Facts endure.
But feelings about investing and doing business in Mongolia do change. And that is where we find the hard truth. This isn't just my opinion. The U.S. Government’s latest Investment Climate Statement highlights what we all experience, not just American businesses but all businesses and investors: an inconsistent regulatory environment, lack of transparency, and the weaponization of the legal and criminal justice system for political ends.
We've seen the arrests, government raids, and inspections that weren’t about justice. The regulations written in the shadows. The corruption that doesn't hide anymore – it parades. These choices, these actions, not only chase away good business and investors. They build a system that attracts the wrong kinds of businesses and investors – and creates the wrong kind of economy.
In a system that encourages corruption, everyone gains a reputation for being corrupt no matter how honest and hardworking they are, and good and honorable businesses leave. And every time Mongolia spooks the market, every time the rule of law is betrayed – it does violence to our future. It raises the discount rate on everything Mongolia has to offer.
And when the discount rate goes up, the value of our future goes down.
My mission as Chairman is clear.
First, to strongly advocate for our members' interests, your interests – realizing that your success is directly tied to the success of this country.
Second, to champion a private-sector-led free market as Mongolia’s most powerful engine for sustainable growth – and to boldly challenge the favoritism toward State-Owned Enterprises that distorts competition, stifles innovation, and sidelines the very entrepreneurs who drive progress.
Third, to help restore Mongolia’s reputation as a credible, dynamic, and investable nation – one that attracts capital and delivers results.
We are here to help rebuild Mongolia’s brand by creating a “High-Trust Economy”.
Watch the full remark at our official YouTube channel:
ENG https://youtu.be/wNNVTF6CZJA
MON https://youtu.be/6UXcf1XA4gM