President Battulga has delivered remarks at the Global Leaders Investment Summit.

H.E. Mr. Mukhisa Kituyi, Secretary General of the UN Conference on Trade and Development (UNCTAD),

H.E. Mr. Alain Berset, President of the Swiss Confederation,

Esteemed Heads of State and Government,

Distinguished delegates and guests,

Ladies and gentlemen,

I am delighted to participate in this august event being held on the occasion of the 10th anniversary of the World Investment Forum, which serves as a platform for exchanging views and ideas on how to improve the world trade and investment environment and step up investment cooperation.

I wish to congratulate the UN Conference on Trade and Development (UNCTAD) and the Swiss Government on the successful organization of this Summit.

Ladies and gentlemen,

According to the UNCTAD’s World Investment Report 2018, global flows of foreign direct investment fell by 23 per cent last year. They fell by 41 per cent as of the first half of this year compared to the same period last year. There is no increase in foreign investment flows to developing countries. These figures make this Summit all the more important and timely.

We, the international community, defined Sustainable Development Goals (SDGs) to be achieved by 2030 in all sectors and areas, such as poverty reduction, education, health, environment, and energy. Over the first 2-3 years of Sustainable Development Goals’ implementation, investment flows have fallen substantially, and there is an increasing backlash against liberalization of global trade and investment in some countries. With those trends, we are virtually pushing Sustainable Development Goals towards the edge of the cliff.

I would like to emphasize that an emerging technological divide between developed and developing countries in relation to the new industrial revolution poses a daunting challenge for landlocked developing countries like Mongolia in their efforts to achieve sustainable development and implement goals set in the 2030 Agenda for Sustainable Development. Therefore, our delegation is pleased to have an opportunity to jointly seek solutions to global and regional challenges at this Forum and its sessions.

Distinguished delegates and guests,

Ladies and gentlemen,

In 2016, Mongolia adopted its own “Sustainable Development Vision – 2030” based on the 2030 Agenda for Sustainable Development. Since then, we are developing and implementing our national-level and intersectoral development policies in line with the “Sustainable Development Vision – 2030″. We are planning to present a National Voluntary Report on the implementation of the 2030 Agenda for Sustainable Development in 2019.

Furthermore, we are in the middle of formulating an integrated investment policy in strict conformity with Sustainable Development Goals. The new policy will help enhance the structure of the relevant authorities and their coordination, and increase the effectiveness of investment.

From my own country’s experience, I can say with confidence that investment has an enormous impact on development. After reaching its peak in 2011 and 2012, foreign direct investment in Mongolia fell sharply due to an unstable investment policy, impacting negatively on its economic growth. We have learnt lessons from this bitter experience and given it special attention at all levels of government by taking step-by-step targeted measures at both national and international levels.

To illustrate, Mongolia established an Investor Protection Council and a Public-Private Consultative Committee mandated to improve the legal environment for investment, promptly resolve complaints and grievances related to bureaucracy and illegal actions and take precautions against any risks.

We also focused on developing a win-win investment agreement that ensures our country’s interests on an equal footing by formulating a model bilateral investment agreement in accordance with the recommendations made by UNCTAD.

Foreign direct investment in Mongolia has been increasing over the past few years. A 2.5 times increase was recorded last year. Economic growth reached 5.3 per cent last year and 6.3 per cent in the first half of 2018.

However, there is still a critical need to promote and attract more investment in sectors crucial for the implementation of Sustainable Development Goals, such as agriculture, processing industries and infrastructure. In order to address this issue, we are working to improve the legal environment for accessing the markets of our trading and investment partner countries and increase investment from those countries to Mongolia.

Along with agriculture, renewable energy and tourism are the key sectors which Mongolia set to develop rapidly. We proposed to our Northeast Asian partner countries to implement a project called “Northeast Asian Energy Super Grid” designed to supply electricity to Northeast Asian countries using Mongolia’s huge potential to produce renewables such as solar and wind energy. We invite you to work together with us in these sectors and make investments that will introduce new eco-friendly technologies.

source: president.mn/en

Published Date:2018-10-24