EQ1A9936Dear ladies and gentlemen:

First of all, I would like to extend our sincere gratitude for accepting the invitation of the Government of Mongolia to attend “Mongolia Business Summit” being held this year for the second time, and my warm welcome to all of you!

I am delighted to recognize that “Mongolia Business Summit-2015”, being organized by the Government of Mongolia and “Mongolia Economic Forum” NGO, has gathered more than 500 registered participants from over 30 countries representing the diplomatic corps in Mongolia, donor and international organizations, and top management of Mongolian and foreign companies.

As some of you are well aware, in February this year, the Cabinet of Mongolia has approved “The plan to overcome economic difficulties”, which was enacted by the Parliament of Mongolia. One of the priority objectives of this plan is to move forward major projects of economic importance, and, as a result, some projects have been advanced in their implementation.

We are confident that Mongolia can offer wide-ranging opportunities for our cooperation and your participation in achieving our vision to diversify the Mongolian economy.  In this regard, I highly appreciate the significance of “Mongolia Business Summit-2015” in its intention to stimulate discussions among investors and concerned stakeholders in construction, infrastructure, energy, financial market, tourism and service sector along with the focus on the mining sector.

Tomorrow at Ih Tenger complex, you will have a very busy schedule of panel discussions where you will be able to garner the latest updates on the socio-economic and foreign investment environment of Mongolia.

Now I would like to draw your attention to two main points.

Firstly, I strongly believe that public-private partnership is the key contributing factor in diversifying the Mongolian economy. We fully support the importance being made by developing the mining-based economy to raise revenues in the state budget, increase flow of foreign currency and create jobs. Yet, in addition to that, I also deem that there are more opportunities in Mongolia to diversify our economy based on other prospective sectors.

Such opportunities exist in the areas of increasing export production, manufacturing of import-substituting products, intensifying development of agricultural sector and promoting creative industries. I would like to encourage our investors to explore economic opportunities in the above mentioned areas.

From the side of the Government of Mongolia, we are fully committed to render our policy support to business initiatives of private sector towards economic diversification.

The second point I would like to make is about enhancing accountability of all stakeholders participating in the development of the Mongolian economy.

On our side of the Government of Mongolia, state and public institutions must prioritize the importance of adhering to the commitments made to our foreign investors and business partners, and strengthen our efforts in creating business environment which would enable fair competition for all. We, ourselves, must strive to be a reliable partner to attract foreign investment, and offer the sustainable environment for foreign investors.

From our partners and foreign investors, we expect your commitment to work in compliance with Mongolians laws and regulations, bring best international practices, consider the best interests of domestic economy, and operate with the strong spirits of corporate social responsibility.

In February, the Government of Mongolia signed its very first free trade agreement with the Government of Japan – “Mongolia-Japan Economic Partnership Agreement”. And, we, Mongolians, view this agreement as the signal for Mongolia to be a responsible partner, on one hand; but on the other hand, it opens huge economic opportunities for our country. I would like to encourage our investors to explore these opportunities with us and turn them into mutually beneficial projects.

May our joint efforts towards building sustainable and inclusive economic growth in Mongolia be rewarded with the everlasting success!

Thank you for your attention! Enjoy the evening!