Business environment stable but not favorable
The Open Society Forum yesterday announced the results of this year’s survey of economic freedom and the business environment in Mongolia, an annual exercise it has undertaken since 2005. P.Enkhjargal, Executive Director of the Open Society, led the discussion, and Ch.Narantuya, N.Bolor and B.Tuvshintugs, all from the Economics faculty of the Mongolian National University, presented main parts of the report.
The survey covered public corporations, LLCs, and cooperatives and included both foreign and domestic invested entities. It evaluated the institutional environment, development of the capital market, the state of infrastructure, and the impact of Government action on business reforms.
The basic finding was that the business environment in Mongolia is stable but not necessarily favorable. The three main hurdles for businessmen are taxes, frequent and unnecessary inspection, and need for too many permissions and licenses. The survey also calls for the need for economic diversification, as an overdependence on mining could be counterproductive.
The survey covered public corporations, LLCs, and cooperatives and included both foreign and domestic invested entities. It evaluated the institutional environment, development of the capital market, the state of infrastructure, and the impact of Government action on business reforms.
The basic finding was that the business environment in Mongolia is stable but not necessarily favorable. The three main hurdles for businessmen are taxes, frequent and unnecessary inspection, and need for too many permissions and licenses. The survey also calls for the need for economic diversification, as an overdependence on mining could be counterproductive.
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