INVEST MONGOLIA-2017 CONFERENCE CONCLUDES

Ulaanbaatar /MONTSAME/ The 11th annual Invest Mongolia 2017 Conference closed Tuesday at the Shangri La Hotel. Organized by the Frontier Securities, the Conference gathered 1,100 investors and 130 foreign and Mongolian delegates, who delivered 15 presentations and over 30 discussions. On the second day, the participants held discussions on the infrastructure, renewable energy and corporate governance. During the panel discussion concerning the infrastructure development in Mongolia, businessmen noted that there is a need for optimal financing for the public-private partnership (PPP), which is in line with international standards. They highlighted the fact that companies suffered a loss in the public-private partnerships in the infrastructure sector in recent years and the private sector should not be a loser for executing work with their funding. The panel discussion touched upon issues, such as, what is the most important infrastructure for Mongolia now?; Importance of international standard PPP now at the time when the Government has no budget to finance; Infrastructure projects in the pipeline: UB Utility, Railway and Road expansion. Especially, when, who and how the railway to China should be financed? The extension of the Grid and the heating of the Ger district; and The bottleneck of the transportation by trucks to the Chinese border and the possible solutions to enhance competiveness of the mining industry. Participants underlined the importance of sustaining investment and using investment effectively as well as protecting interests of investors within law. The two day conference also ran Ambassadors' Panel, where ambassadors shared their views on the challenge for Mongolia to reach out to the world, what can foreign countries do to assist Mongolia to increase FDI? and what does IMF program mean for donor countries? Ambassador of Japan Takaoka Masato: - Mongolia successfully made its first free trade agreement with our country. In accordance with the Mongolia-Japan Economic Partnership Agreement (EPA), customs duties will be eliminated or reduced in stages on 5,700 types of goods in 97 groups from the Mongolian side and on 9,300 types of goods in 97 groups from Japan. To implement the agreement, the Japan-Mongolia Joint Commission has been established and a working with 13 sub-committees have been set up. However, there are works anticipated to be realized at policy-making level. Specifically, Mongolia should establish one-stop-shop for investors. This will allow investors to have integrated information. Credibility of information, I think, will increase confidence of investors. Ambassador of the United States to Mongolia Jennifer Zimdahl Galt: - Different options should be found out to solve a problem. We support Mongolia for implementing the International Monetary Fund Program. The United States established a Transparency Agreement with Mongolia. I hope this action will progress further. When government has stable and right policy then investment will flow in continuously. In addition, investors should be provided with reliable and accurate information. Ambassador of the Republic of Korea to Mongolia Oh Song: - 20 years ago, our country involved in the IMF program and it gave positive signals in economy, banking and financial sector. The IMF program in Mongolia means a great opportunity. Mongolia should implement the program properly. Most ambassadors highlighted the necessity of providing with transparent information, stable policy and favorable investment condition for attracting investment.