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Mongolia to take measures to attract investments

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These days the Parliament of Mongolia is discussing a program submitted by the New Government of Changes, “100 Days to Intensify the Economy”. The program is designed to intensively carry out around 50 projects in five directions within 100 days, which include issues connected to international collaboration to attract foreign investment, activate the operation of mining and minerals production and others.

Accordingly, Prime Minister N.Altankhuyag held a conference on Wednesday with foreign ambassadors and diplomatic delegates representing their countries in Mongolia as well as foreign press and media agencies in order to introduce the 100 days plan.

Within these hundred days, projects have been planned to introduce a new management system in order to increase foreign investment, exempt banks from interest tax on capital from overseas, annul income tax for non-bank financial organizations attracting overseas investments of over 100 thousand USD, attracting investment to an economy-free zone, create a pleasant visa environment for foreign investors and organize detailed meetings with them.

Amendments to the Law on Minerals and Exploration Licenses to be granted, unresolved issues related to some controversial licenses, and the operations of Asgat silver mine will be launched. Furthermore, a set of measures are to be taken to augment coal exports, support gold exploitation, begin operations of an oil processing factory and to prepare for a Mongolia-Japan joint coal gasification plant, reported Prime Minister N.Altankhuyag.

The plan to intensify Mongolia’s economy in 100 days will be finalized through Parliament next week, and as long as Parliament ratifies the resolution, the government will start implementing the planned projects, reported the Press and Public Relations Department of the Government.

SOURCE: UB Post




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