Launch of the Online Investment Guide to Mongolia:Opening Remarks by Ms. Beate Trankmann, UN Resident Coordinator in Mongolia

May 31, 2016

Launch of the Online Investment Guide to Mongolia

Opening Remarks by Ms. Beate Trankmann,

UN Resident Coordinator in Mongolia

31 May 2016

Best Western Tuushin Hotel

  • His Excellency, Prime Minister Saikhanbileg Chimed,
  • Cabinet Minister, Mr. Bayartsogt
  • Director-General of the Invest in Mongolia Agency, Javkhlanbaatar Sereeter,
  • The United Nations Conference on Trade and Development Economic Affairs Officer, Ian Richards
  • Ladies and Gentlemen,

It is a great pleasure for me to mark the launch of the Mongolia online investment guide, on behalf of the United Nations in Mongolia.

This guide offers local and foreign investors up-to-date, hard-to-find information on operating costs, wages, rents and taxes, as well as laws and useful contacts to facilitate investment decisions and attract investment to the country. It was produced by staff at the Invest in Mongolia Agency with assistance from the UN Conference on Trade and Development (UNCTAD).

The guide provides an excellent opportunity to help Mongolia attract the kind of investment it needs to fulfill the aspirations set out in the global Sustainable Development Goals – the SDGs. They articulate countries’ commitments to rid the world of poverty, make sure that all people benefit from development and stop environmental degradation and climate change. These goals cost money. UNCTAD has calculated that - to achieve the SDGs - developing countries globally need to attract $2.5 trillion in private investment per annum to bridge the current financing gap.

The Government has recently approved its own version of the SDGs with the Mongolia 2030 Sustainable Development Vision – an ambitious and commendable roadmap that seeks to bring the benefits of economic growth to every citizen and protect the country’s environment.

The ultimate test of the success of private investment is its ability to create jobs and raise living standards across the country, including for the 20 percent of Mongolians still iving below the poverty line.

Currently, Mongolia’s reliance on primary commodities and extractives has not as yet yielded sufficient employment opportunities and has created high levels of pressure on ecosystems on which many rural livelihoods depend.

Therefore, efforts need to also focus on attracting the right type of investments. Investments which generate growth that leads to job creation and are green. Investments into agriculture, tourism, ICT and services for example that help diversify Mongolia’s economy and investments into renewable energies to lower carbon footprints.

The Government – through the Invest in Mongolia Agency and various other ministries – has an essential role to play in identifying potential, responsible investors and offering compelling proposals. Investors also value predictability and regulatory and institutional certainty. In fast moving times, it will be important for Mongolia to ensure policy and institutional continuity in addition to making information available to investors through tools such as this guide.

All these issues – inclusion, sustainability and good governance - are at the heart of the SDGs as well as the Mongolia’s 2030 Sustainable Development Vision (SDV). They also form the core of the new 5 year UN Development Assistance Framework which the UN is about to sign with the Government for implementation to start next year.

The UN stands ready to support Mongolia in translating the SDGs and the objectives of the SDV into actions that will make development and growth more inclusive and more sustainable.

Let me close by congratulating the Invest in Mongolia Agency and UNCTAD on today’s launch. I wish the iGuide of Mongolia every success.

Thank you.

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