Saturday, August 31, 2013

Cabinet Meeting Discusses Draft Investment Law

Ulaanbaatar, August 25 /MONTSAME/ At its meeting on Friday, the cabinet discussed a draft law on investments.

This bill reflects several important clauses such as stabilizing the legal environment for investments, determining common legal guarantees for both domestic and foreign investors, augmenting benefits of some investments, stabilizing the tax environment for beneficial for Mongolia projects, and improving business environment by abolishing bureaucracy.

In 1990s-mid of 2012, 12 thousand 118 entities of 112 countries were registered here. They made investments of some USD 14 billion, most of them (74%) went to the mining sphere, thus creating a biased structure of economy.

From the year 2012, the investments have declined, for example, by 42 percent in a first half of this year against the previous. Researchers consider that it has been mainly affected by the global economic situation, new legal regulations, some amendments to laws, a completion of the first stage of investment for the Oyu Tolgoi project. All these and other factors say that Mongolia needs to attract foreign investments in a regular way and to refine upon/ease nowadays legal regulations.

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