A GOVERNMENTAL AGENCY ON INVESTMENTS TO BE ESTABLISHED

Ulaanbaatar /MONTSAME/ A decision to form an Investment Agency was made at the cabinet regular meeting on November 9. The new institution is to operate as the implementing agency of the Government. It will be one of some 250 agencies that work around the world to attract investments and to protect investors' interests. Corresponding to a need of bringing methodological and efficient investments attracting activities to the international level, this agency has been agreed to be established under the Ministry of Economic Development. The agency is to undertake a set of functions to attract investments, to support a protection of legal rights and interests of investors, to promote a satisfying domestic market environment to investors, and to grant a related certification to qualified investors. All functions are stated so in the law on Investments. The soon-to-formed agency succeeding a previous agency of Foreign investment and Registration will transfer the latter’s some functions on state registration to the State Registration Agency, as stated in the Investment law. Not exceeding a staff number limit of the Economic Development Ministry, the new agency will have three units--Promotion and Consulting, Investment Evaluation, and Administration and Human Resources--with 21 staffers in total.