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Business / Economy / Mongolia News / Others / April 11, 2016

PM: “Mongolia is back and open for business!”

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The 19th Annual Asian Investment Conference (AIC) took place from 5th-7th April in Hong Kong. The AIC, was organized by Credit Suisse and was attended by top figures from the world of finance, economics, and politics, ranging from UN Secretary General Ban Ki-moon to Sir John Sawers, former head of UK’s MI6.

The Mongolian delegation was headed by Prime Minister Ch.Saikhanbileg and included the CEO of Erdenes Mongol LLC, the Governor of the Bank of Mongolia.

Mr Saikhanbileg was one of the key speakers. In his address, which took place on the last day of the conference he said: “My message is a simple one. Mongolia is back and is open for business”. He did not shy away from the problems of 2015 and domestic concerns over foreign direct investment (FDI) and slumping metal prices, which slowed the country’s economy down to a crawl. A number of very positive things have happened since then. The PM, clearly wishing to reassure foreign investors said that Mongolia is “creating a rainbow economy”, offering investment opportunities in agribusiness, tourism, health care, construction and power generation. Economic diversification is important to counter the current 80% GDP which comes from raw material exports, which, are subject to international commodity fluctuations.

Mr Saikhanbileg also noted: “the 11th Asian-Europe Meeting (ASEM) Summit will be held in Mongolia this July. The heads of 53 countries will participate. We hope that Mongolia will create a great stimulus in inter-continental relations. As a result of ASEM, cooperation between Asia and Europe will be strengthened. In history, Mongolia has been a bridge, connecting Asia and Europe”.

Regarding the AIC organizers, the PM said: “The Mongolian Development Bank started co-operation with Credit Suisse in 2014. Credit Suisse was the first coordinator of the USD 300 million joint loan and has financed major projects, supporting exports”.

Prime Minister noted that the Government has raised USD 750 million as a joint loan, co-operating with Credit Suisse.  During the AIC he held many meetings, including with officials from. Mr Saikhanbileg also gave an interview to Bloomberg TV.


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