The 100 Day Stimulus Plan has garnered momentum as more pressing issues have risen to the top of the agenda. As the plan moves forward, people are currently looking forward to the Investment Summit that will be held from June 19-21 at Ikh Tenger, the same complex where the president resides in. Presently, over 80 foreigners from 22 different countries registered to participate in this Investment Summit that hopes to discuss various issues.
From last week, the stimulus plan delved into the issue of taxes relating to the selling process of bank collaterals. Banks run the risk of losing money from borrowers who do not have the means to pay back their loans, thus a framework was established. This framework negotiated funds including a tax deduction value of 10%, fund expenditure reduction of 25%, and court service reduction between 0.5% and 10%. Also on the agenda, is the possible designation of 100 million USD from JICA to promote small- and medium-sized businesses.
The director of the Invest Mongolia Agency, S. Javkhlanbaatar said that within the plan, they are going to introduce the business friendly environment of Mongolia as well as how the government is dealing with issues regarding barriers to the investment environment of the nation. The main goal is to attract foreign investment and widen partnerships.
According to data from the Invest Mongolia Agency, 12,000 foreign investment companies have operated in Mongolia since 1990. As of October of last year, there were 8,300 foreign investment businesses that were actively in service. Since the beginning of this year, another 140 foreign investment companies registered with the Invest Mongolia Agency to begin operations.
SOURCE: Mongolian Economy