MOFA explains new law

The Ministry of Foreign Affairs of Mongolia organized for foreign diplomats brief introduction of Law on Regulation investment by foreign state-owned firms in strategic assets yesterday, on May 22.

G.Zandanshatar, minister of Foreign Affairs of Mongolia explained purpose of law. The officials from FIFTA answered a question. By the law Mongolia defined a three strategic sectors- mining, banking, media and communication. Foreign companies who investing more than 49 percent in mentioned sectors should ask the government’s approval. But this only for foreign private companies. “If state owned companies invest even 1 percent have to ask the government’s approval” explained officials.

Our reporter interviewed some people on the new law.

R.Bud, MP (MPP): “While encouraging economic growth we also have consider reliable proportion of foreign investment. This law is not new. Some countries have a similar law. National security is most important”

Ch.Khashchuluun, Head of National Development and Reform Committee: “By the previous law foreign companies applied to FIFTA. Now FIFTA will receive relevant documents than will check and if it against the law can give back. I’ll say the new law encouraging foreign investment to the Mongolian economy”.

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