Investment projects introduced at ‘Greater Tumen Initiative’ Program Meeting www.montsame.mn
Ulaanbaatar /MONTSAME/ A Consultative Commission Meeting of ‘Greater Tumen Initiative’ Program between Mongolia, Russia, China and Korea is taking place in Ulaanbaatar city on June 21-22. Over 100 delegates from the four countries are partaking in the consultative meeting, discussing Mongolia’s investment program, government policy and funding opportunities for priority sectors such as agriculture and mining.
According to the last ten years’ statistics, trade made with member states of the initiative Russia, China and Korea is making up 70-90 percent of total trade turnover of our country. Amongst it, Mongolia made over 80 percent of its export with China and about 30 percent of import with Russia. Whereas, investment made by member countries of the initiative to Mongolia equals to just 30 percent, highlighted Deputy Prime Minister U.Enkhtuvshin in his opening speech at a high-level discussion ‘Priority Development Programs: Financial Cooperation Initiatives’.
The Government of Mongolia is ensuring preparation to put ‘Tavan Tolgoi’ project into economic circulation and plan to implement the project in collaboration with private sector and foreign investors in open manner, he said. He also called on member countries of ‘Greater Tumen Initiative’ to establish trade facilitation agreement, to implement joint construction projects and to augment investment.
At the end of his speech, Deputy PM noted the Government is working to establish free trade zones in Altanbulag and Zamyn-Uud border checkpoints and develop export-oriented industry there and requested foreign investors to take part in it.
Furthermore, Director of Investment Policy Department of the National Development Agency L.Munkhbat introduced an investment program which include a total 115 projects worth USD 16.1 billion projected to be implemented in 2018-2021 in the scope of Government's Three Pillar Development Policy.
Financial cooperation is important to realize these projects and to augment investment in the frame of ‘Greater Tumen Initiative’, noted G.Batbayar, Executive Director of Development Bank of Mongolia.