MONGOLIAN POLICIES TOWARDS FOREIGN DIRECT INVESTMENT
In response to the 6 percent economic decrease caused by the COVID-19 pandemic and the loss of more than 70,000 jobs in 2020, the Mongolian government has adopted a comprehensive 10 trillion MNT stimulated strategy to preserve health and rebuild the economy through 2023.
A working group has been formed to prepare revisions to the Investment Law and undertake appropriate research in formulating a draft concept in order to modernize Mongolia's legal investment environment.
TOP 5 SECTORS IN FOREIGN DIRECT INVESTMENT:
1. Geology, mining prospecting and exploration, and petroleum exploration and production account for 70% of total revenue, or $20.2 billion USD (460 enterprises)
2. The trade and food service industry accounts for 16.8 percent of total GDP, or 4.8 billion USD. /10171 enterprises/
3. Banking and finance account for 3.2 percent or 941 million USD /126 businesses/.
4. The transportation industry accounts for 1.2 percent, or USD 348.8 million / 255 businesses.
5. The engineering construction and construction materials industry represents for 1.3 percent of the total (USD 401 million / 462 firms).
The Office of the Council, the National Development Agency, and the International Financial Corporation collaborated to create the Online Grievance Registration and Monitoring system, which became live in June 2020. The system was developed to provide investors with the ability to monitor the settlement of their concerns, to facilitate the transmission of information between government authorities, and to defend investors' lawful rights and interests. The upcoming formation of the Foreign Direct Investment Promotion Council is intended to broaden the functions of the present investor-support system. The council will concentrate on FDI attraction plans for certain industries, as well as the strengthening of the investment environment, investor protection, and aftercare services.