FIFTA GREETING ON THE OCCAISION OF 15TH ANNIVERSARY OF ITS ESTABLISMENT
These days, Foreign Investment and Foreign Trade Agency /FIFTA/ the Government implementing agency, is celebrating 15th anniversary of its establishment, and this celebration is not only celebration of FIFTA’s establishment but also it is celebration of establishment of foreign invested entities in Mongolia and running their activities in our country since Mongolia’s transition to a market economy.
Since its establishment FIFTA has actively been cooperating with 106 countries and economies, and 256 member organizations of World Association of Investment Promotion Agencies /WAIPA/ in order to improve and enhance its services and activities such as attracting foreign direct investment into the country, promoting legal environment, providing with relevant information and rendering transparent, fast services to foreign investors and protecting their rights.
As a result of our activities and services the foreign investment inflow has tremendously been increasing and as of third quarter of 2011 since 1990 cumulative volume of foreign direct investment registered in Mongolia has reached 5.8 billion USD. Contribution of foreign invested companies to the state budget within the last 15 years has reached 5.25 trillion tugrugs and foreign invested companies have created 180 thousand people work places.
Positive impacts of foreign direct investment /FDI/ /on Mongolian economy have been increasing. In 2010 the FDI volume got beyond 1 billion USD and by the end of 2011 it is prospected to expand. Share of products and services created by foreign invested companies in GDP since 1990 have been growing and reached 60 percent while 1 percent increase in FDI results 0.8 percent increase in GDP growth. In 2007 the tax revenue from foreign invested entities has exceeded 1 trillion for the first time and in 2010 the tax revenue reached 1 trillion 77 billion tugrugs.
Benefits of FDI and its significant and strong contribution to the development of the country have been increasing as a result of the government policy and we, at FIFTA, do comprehend our mandated obligation to attract foreign investment into strategically important sectors, projects and programs, value added export oriented production and promising sectors.
FIFTA’s activities has being recognized far beyond our country. “Global Runner Up award 2002” from World Association of Investment Promotion Agencies, “Business supporting best government organization 2002, 2006” honoring from Mongolian National Chamber of Commerce and Industry, “Best organization of trade and industry 2003” honoring from the Ministry of Industry and Trade of Mongolia, “Honoring award for exelence 2005” from Media Links International and Euromoney magazine, “Honoring named after the Bank of Mongolia 2005”, “Enterprise excellence 2009” award from the Singaporean Association of Small and Medium Enterprisers, “International Award for Excellence and Business Prestige 2009 Gold” just to name a few awards given to FIFTA by domestic and international organizations.
On the occasion of 15th anniversary of the Government implementing agency – Foreign Investment and Foreign Trade Agency, I would like to extend my sincere congratulations to organizations that have closely cooperate with FIFTA within implementation of foreign direct investment policy, public and private organizations, international organizations, diplomatic missions, foreign investors, foreign invested entities and to all current and former FIFTA officers.
CHAIRMAN OF THE FOREIGN INVESTMENT AND FOREIGN TRADE AGENCY B.GANZORIG
Since its establishment FIFTA has actively been cooperating with 106 countries and economies, and 256 member organizations of World Association of Investment Promotion Agencies /WAIPA/ in order to improve and enhance its services and activities such as attracting foreign direct investment into the country, promoting legal environment, providing with relevant information and rendering transparent, fast services to foreign investors and protecting their rights.
As a result of our activities and services the foreign investment inflow has tremendously been increasing and as of third quarter of 2011 since 1990 cumulative volume of foreign direct investment registered in Mongolia has reached 5.8 billion USD. Contribution of foreign invested companies to the state budget within the last 15 years has reached 5.25 trillion tugrugs and foreign invested companies have created 180 thousand people work places.
Positive impacts of foreign direct investment /FDI/ /on Mongolian economy have been increasing. In 2010 the FDI volume got beyond 1 billion USD and by the end of 2011 it is prospected to expand. Share of products and services created by foreign invested companies in GDP since 1990 have been growing and reached 60 percent while 1 percent increase in FDI results 0.8 percent increase in GDP growth. In 2007 the tax revenue from foreign invested entities has exceeded 1 trillion for the first time and in 2010 the tax revenue reached 1 trillion 77 billion tugrugs.
Benefits of FDI and its significant and strong contribution to the development of the country have been increasing as a result of the government policy and we, at FIFTA, do comprehend our mandated obligation to attract foreign investment into strategically important sectors, projects and programs, value added export oriented production and promising sectors.
FIFTA’s activities has being recognized far beyond our country. “Global Runner Up award 2002” from World Association of Investment Promotion Agencies, “Business supporting best government organization 2002, 2006” honoring from Mongolian National Chamber of Commerce and Industry, “Best organization of trade and industry 2003” honoring from the Ministry of Industry and Trade of Mongolia, “Honoring award for exelence 2005” from Media Links International and Euromoney magazine, “Honoring named after the Bank of Mongolia 2005”, “Enterprise excellence 2009” award from the Singaporean Association of Small and Medium Enterprisers, “International Award for Excellence and Business Prestige 2009 Gold” just to name a few awards given to FIFTA by domestic and international organizations.
On the occasion of 15th anniversary of the Government implementing agency – Foreign Investment and Foreign Trade Agency, I would like to extend my sincere congratulations to organizations that have closely cooperate with FIFTA within implementation of foreign direct investment policy, public and private organizations, international organizations, diplomatic missions, foreign investors, foreign invested entities and to all current and former FIFTA officers.
CHAIRMAN OF THE FOREIGN INVESTMENT AND FOREIGN TRADE AGENCY B.GANZORIG
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