WB advices Mongolia to restore trust of foreign investors

Ulaanbaatar /MONTSAME/ Prime Minister J.Erdenebat received Monday James Anderson, the Permanent Representative of the World Bank to Mongolia; and Tuyen Nguyen, country director of the International Finance Corporation (IFC) to Mongolia. At the beginning of the meeting, James Anderson noted about the 25th anniversary of the Mongolia-WB cooperation marked this year, and then pointed out that the WB will reflect views of the Mongolian government in a cooperation strategy for next 25 years. The Premier said the Mongolian economy must be developed on multi pillars. In this regard, Mongolia intends to boost manufacturing industry in all spheres, and this way will enable the country to diversify its economy. “Moreover, we plan to minimize high dependence of the mining sector on the national economy. But there are no approved mega-projects yet on the manufacturing industry which are friendly with environment and socio-economic development. Thus, Mongolia has the willingness to cooperate with the WB in preparing feasibilities for mega-projects and making evaluation over projects on manufacturing industry,” Erdenebat said. Supporting the Premier’s ideas, James Anderson advised that first of all the government of Mongolia should restore trust of foreign investors. Tuyen Nguyen, IFC country director for Mongolia, said the IFC is ready to help Mongolia to overcome current economic difficulties by supporting the private sector of the country.