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Events
Working group established on amending the Law on Investment www.montsame.mn
The Government of Mongolia recently made a decision to establish the Foreign Investment Agency. By establishing the agency, policy and planning as well as investors will be connected with large-scale construction projects and other sectors. Furthermore, the rights and legal interests of investors will be more protected. The agency will be in charge of stabilizing the investment environment and provide investors with support and services, highlighted Deputy Minister of Justice and Internal Affairs B.Solongoo during a discussion that took place at the Mongolian National Chamber of Commerce and Industry (MNCCI).
Co-organized by the Ministry of Justice and Internal Affairs and the MNCCI under the topic, ‘Pressing issues in the legal environment for investment, and necessity for reform’, the discussion was attended by officials of the newly established Ministry of Economy and Development, the General Authority for State Registration, and the Immigration Agency of Mongolia, and representatives of organizations such as the World Bank and the Business Council of Mongolia.
Informing that a working group has been established at the ministry to amend the Law on Investment, Deputy Minister B.Solongoo stressed the importance of clearly defining the legal environment for foreign investors to run businesses in Mongolia and have fair, mutually beneficial partnerships with domestic entities. She then highlighted the necessity to appropriately define the country’s foreign investment policy and ensure its stable implementation.
As for representatives of entities and businesses, they informed the Deputy Minister about how certain regulations of laws have yet to be implemented due to the lack of correlation with other laws, and noted the necessity of ensuring their implementation.
The business owners agreed with the government officials about how it has become necessary to resolve the pressing issues of the country’s legal environment on investment.
During the discussion, the participants also discussed looking at the issue on a wider scale by taking other corresponding laws into account, and increasing investment in sectors other than mining. In particular, investment in sectors such as IT, transport and logistics, and energy should be promoted alongside creating correlation between policy and legislation through the approval of the unified policy on foreign investment, they noted.
Suggestions were also put forth concerning issues such as foreign workers quota, issuance of visas and residence permits, active promotional works aimed at foreign investors, and facilitation of the process to register an entity with foreign investment.
Published Date:2022-03-07
