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Mongolia Economic Forum 2022 - International partnerships to deliver $49bn investment plan for Mongolia www.eureporter.co
Mongolia’s government has outlined the details of a sweeping economic roadmap for post-Covid revival. Dubbed the ‘New Recovery’ policy, the reform package combines both structural policy changes, such as partial privatisation of some state-owned enterprises, and major infrastructure initiatives, including the approval for a light rail transit system in the capital.
Luvsannamsrain Oyun-Erdene invited local businesses, foreign partners and international organisations to cooperate on a 150 trillion MNT ($49b) investment goal, that aims to double GDP by clearing hurdles in six priority areas: energy, border ports, industrialization, urban and rural recovery, green development, and public sector efficiency.
Approved by the Mongolian parliament in December, the policy comes atop the already-committed 10 trillion MNT ($3.3b) for financial aid, helping to keep over 64,400 businesses afloat and save 360,000 jobs.
Prime Minister Oyun-Erdene also highlighted the government’s push for higher transparency and accountability, as part of the ambition, to reduce institutional corruption and improve the overall business climate. The Prime Minister thus announced a plan for partial privatisation of some state-owned enterprises via follow-on public offerings of up to 34% equity on the Mongolian Stock Exchange as one of the mechanisms to infuse private
sector expertise and good governance best practices.
Discussions at the Forum also addressed immediate economic concerns. The Prime Minister revealed that the government has just introduced a bill outlining a price-capping mechanism to stabilise prices of meat, flour and petroleum to the Mongolian parliament, in response to record inflation.
In his closing remarks, Prime Minister Oyun-Erdene highlighted the Forum’s dual role as a place for consultation with the industry and also as a platform to generate growth that should be accessible and shared by every Mongolian, also extending appreciation to the Mongolian youth for their activism.
The Mongolian Economic Forum 2022 is the 9th time the event has been held at the Government Palace in Ulaanbaatar since its inception in 2010. The annual two-day forum was hosted by the Prime Minister of Mongolia and presents attendees with the opportunity to hear from the senior members of the
government, as well as interview opportunities with ministers responsible for key policy measures. Experts from diverse fields also undertake panel discussions about the future of the Mongolian economy.
Published Date:2022-04-12
