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  • U.Khurelsukh PM: Economic speed-up is expected next years

    The Mongolian National Chamber of Commerce and Industry (MNCCI) organized its first ‘Breakfast’ event for this year on January 25, with participation of U.Khurelsuk, Prime Minister, Ch.Khurelbaatar, Minister of Finance and Ts.Davaasuren, Minister of Energy. It was attended by authorities of the MNCCI and over 300 businessmen.

    This is the 20th series of the Business Breakfast event which has an objective to improve the investment environment by intensifying the mutual trust of public-private partnership and collaboration.

    U.Khurelsukh PM briefed about a current state of the Mongolian economy at the beginning of the Business Breakfast, saying that the national economy is reviving and the budget income has exceeded MNT 500 million. He added the currency reserve reached USD 3 billion, which is followed by some good news about a growth of foreign invest and a positive indicator of the payment balance. Mongolia has been removed from the tax-haven blacklist of the European Union, he continued.

    The participants were mostly interested in amendments of the tax laws, governmental actions of reducing bureaucracy still existed in state organizations and a governmental policy on supporting SMEs and on the sectors of agriculture, mining and construction. Issues of resolving air pollution in Ulaanbaatar city was touched upon as well. 

    According to M.Sarandavaa, MNCCI Vice President, the foreign direct investment reached USD 1.1 billion in 2017, which is the peak since 2011.

    U.Khurelsukh PM said, “Economic difficulties continued from 2016 are reviving steadily. By end of 2017, the Mongolian economic growth was 5.8 percent, and it is expected to speed up for next years. International organizations including the World Bank anticipated the Mongolian economic growth would reach eight percent by the year 2019. In order to ensure this growth, we must be disciplined especially on finance. Our government will act to restore the economy and stop the downturn in 880 office days.”

    The Prime Minister also said the government will take some actions in priority to ensure the food security, to provide people with apartments, to create a reliable source of energy and to abolish the dependence on fuel by constructing oil refineries.

    Following the Premier’s speech, petitions and requests from 112 businessmen were delivered to the government, and 30 of them were sounded to the Premier during the event.  

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