Concept of draft law on small and medium enterprises approved

Ulaanbaatar /MONTSAME/ The cabinet approved Monday the draft concept of the draft new wording of the law on small and medium enterprises (SME) and told the Minister of Industry D.Erdenebat to complete a development of the draft new wording and submit to the cabinet for discussion. During the development of the draft concept, such matters were taken into account as a legal background, social expectations and practical demands that would expand a scope of the SMEs' activities, specify the classifications of the enterprises, refine the regulations by law, improve the efficiency of the law implementation. The new wording of the law will be developed by reflecting changes in some articles and amendments. They offer that the Cabinet member in charge of the matters regarding the SME is to issue the regulation concerning the credit allocations from the Promotion Fund for the SMEs, and the Fund’s annual financial schedule, taking into consideration all the priorities of the economic sphere and location map of the anticipated project/factory.