About meeting of trade and investment with Japan

Ulaanbaatar /MONTSAME/ The 6th Consultative meeting of trade, mineral resources and investment started Friday in the Ministry of Foreign Affairs. The joint meeting of Mongolia-Japan governments and private sectors has brought together D.Gankhuyag, the Minister of Mining; S.Demberel MP, a head of the Mongolian National Chamber of Commerce and Industry; S.Khurelbaatar, the Ambassador of Mongolia to Japan; diplomats of the Foreign Ministry; representatives of the Japan External Trade Organization (JETRO) led by Sugawara Ishshyu, Japan’s Vice Minister of Economy, Trade and Industry; and of the Japan International Cooperation Agency (JICA). At the meeting, the Ministries of Construction and Urban Development, Energy, Industry and Agriculture, also of Road and Transportation and Economic Development have introduced their works and policies planned. The administration of Ulaanbaatar city will raise issues of the urban planning, constructing metro in UB, new auto roads and bridges, improving the infrastructure of electricity and heating transmission and on replacing ger areas with apartments. The Japanese will consider an opportunity of cooperation in specific sectors from the above spheres and running procurement. The Minister Mr Gankhuyag underlined a new wording of the law adopted last year’s May on regulating foreign investments for entities engaged in strategically important sectors. He emphasized that the new wording only belongs to those foreign enterprises that have 49 or more percent of state-ownership. Mongolia runs trade with some 140 countries, and the trade turnover reached USD 10.3 billion in previous year, the Minister said. Between 1990 and 2012, Japan’s 530 companies made investments of USD 184 million to Mongolia, he added. Ending the meeting, the sides will ink a cooperation memorandum. B.Khuder