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Economy / Mongolia News / Politics / February 10, 2015

Draft law to overcome economic difficulties submitted for approval

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Member of Parliament and Head of the Cabinet Secretariat S.Bayartsogt has submitted  a draft law to overcome economic difficulties to Speaker of Parliament Z.Enkhbold for approval.

As indicated in a draft resolution from Parliament about measures to be taken in order to overcome economic difficulties, difficulties of the trade balance created during the last quarter of 2012 reached a point of crisis, and its negative impacts continued through 2014.

If the implementation of megaprojects slows down and access to foreign loans and investments continue to decrease, analysts say the economic difficulties will continue in the same way, the economy will be limited and the foreign currency reserves will  be diminished.

Plans to implement objectives are indicated in the draft resolution with three stages taking place over five years, from 2015 to 2030. By implementing this policy, the percentage of products of industrial origin contributing to GDP will be increased; domestic needs will be covered by domestically produced products and services; and Mongolia will compete in the global and regional market as an exporter.

The draft laws authors say that by applying the results of research and development projects, Mongolia can develop industrial and technology parks, production clusters, and logistic networks.

SOURCE: news.mn




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