The first meeting of the National Committee in charge of stimulating the economy amid the pandemic, increasing export, promoting import-substitute national manufacturing, strengthening public-private partnership and increasing investment took place in August 24.

The committee is chaired by Prime Minister of Mongolia L.Oyun-Erdene. At the beginning of the meeting the Prime Minister said, “Stimulating the post-pandemic economy is not an easy task. Thus, there is a necessity to quickly carry out works. The government has been mainly focusing on acquiring COVID-19 vaccines, launching immunization works, reopening the economy in phases, and keeping jobs within the first 100 days after the new government’s formation. By the 200th day of its formation, we were able to immunize 60 percent of the country’s population. We also fulfilled the objective to reopen the economy, allowing normal operations. In order to stimulate our economy, a National Committee has been established with the participation of representatives from each sector. With the establishment of this committee, a bill on economic recovery during the pandemic will be drafted.”

Representatives of public and private sector put forth suggestions for measures to be taken on recovering the economy. In particular, President of the Mongolian National Chamber of Commerce and Industry (MNCCI) O.Amartuvshin has submitted suggestions and proposals received from entities in the private sector to the working group in charge of developing the bill.

During the meeting, Director-General of Erdenet Mining Corporation (EMC) state-owned enterprise highlighted that the corporation has had a sales revenue of MNT 2.2 trillion this year. “We have developed plans for the current pandemic situation as well as for the post-pandemic condition. By enhancing management, it is estimated that our mining corporation will earn MNT 5.8 trillion in income by 2024, reaching MNT 12 trillion by 2028. We plan to increase export by USD 150 million in 2024 by further developing our current structure and organization,” said the EMC Director-General.

Following the comments of the members of the National Committee, the Prime Minister gave a number of instructions. More specifically, the Committee will be setting up a working group to develop a quarterly plan to overcome the pandemic economy, draft a bill regarding the matter, and receive suggestions from foreign investors and the private sector.