CAREC - Investment Forum 2015 commenced at Shangri-La Hotel in Ulaanbaatar yesterday. ADB and Erdenes Mongol LLC co-organizes the forum which gathers officials and private sector representatives from CAREC member countries.
Central Asia Regional Economic Cooperation /CAREC/ aims to increase regional trade volume, and enable domestic companies to cooperate with their international peers. 10 central Asian countries including Azerbaijan, George, Uzbekistan, Turkmenistan, Kyrgyzstan, Mongolia, Tajikistan, Pakistan, Afghanistan, China are members of the program. Most of them previously part of Soviet Union are at similar level of economic development; especially Uzbekistan and Kazakhstan are landlocked as same as Mongolia.
Thus, these countries established CAREC by embracing collaborative efforts towards economic development and seeking mutual benefits.
In the frameworks of the program, several projects have been implemented, one of which is horizontal road project being now underway in Western region of Mongolia. Also, UB-Zamiin Uud road construction should be mentioned in relation to the program.
The forum today continues with meeting of Ministers.
We interviewed Director of co-organizer Erdenes Mongol LLC B.Byambasaikhan.
Why did Mongolia become member of CAREC?
CAREC was established 15 years ago with the support of ADB. We are landlocked country so that infrastructure projects are crucial. CAREC program endorses infrastructure projects. We pay a great deal of attention to the forum because we are deeply interested to cooperate with neighbor and other central Asian countries on cross-border infrastructure projects. We will discuss how to cooperate and raise related financing. Limited infrastructure development makes us less competitive in mining sector. Also, transport and logistics costs are high. Thus, we must improve cross-border infrastructure system which is expected to reduce business costs by up to 50% and gives us competitive edges.
Instead of complaining about limited access to foreign markets, we should initiate long-term infrastructure projects and at least conduct feasibility studies. The reason is that the market will definitely surge soon so that domestic companies must be in position to be competitive in terms of infrastructure when the time arrives.
Major problem which degrades the country's competitiveness is weak development in infrastructure and energy sectors.
Other issues are to be discussed?
Apart of infrastructure issues, attendees will hold discussions on mining, agricultural projects and opportunities of cooperation and multilateral trading. We are primed to create internationally competitive domestic companies if we pursue international standards.
What do investors expect from us?
Stability
Photos: B.Byamba-Ochir
CAREC - Investment Forum 2015 commenced at Shangri-La Hotel in Ulaanbaatar yesterday. ADB and Erdenes Mongol LLC co-organizes the forum which gathers officials and private sector representatives from CAREC member countries.
Central Asia Regional Economic Cooperation /CAREC/ aims to increase regional trade volume, and enable domestic companies to cooperate with their international peers. 10 central Asian countries including Azerbaijan, George, Uzbekistan, Turkmenistan, Kyrgyzstan, Mongolia, Tajikistan, Pakistan, Afghanistan, China are members of the program. Most of them previously part of Soviet Union are at similar level of economic development; especially Uzbekistan and Kazakhstan are landlocked as same as Mongolia.
Thus, these countries established CAREC by embracing collaborative efforts towards economic development and seeking mutual benefits.
In the frameworks of the program, several projects have been implemented, one of which is horizontal road project being now underway in Western region of Mongolia. Also, UB-Zamiin Uud road construction should be mentioned in relation to the program.
The forum today continues with meeting of Ministers.
We interviewed Director of co-organizer Erdenes Mongol LLC B.Byambasaikhan.
Why did Mongolia become member of CAREC?
CAREC was established 15 years ago with the support of ADB. We are landlocked country so that infrastructure projects are crucial. CAREC program endorses infrastructure projects. We pay a great deal of attention to the forum because we are deeply interested to cooperate with neighbor and other central Asian countries on cross-border infrastructure projects. We will discuss how to cooperate and raise related financing. Limited infrastructure development makes us less competitive in mining sector. Also, transport and logistics costs are high. Thus, we must improve cross-border infrastructure system which is expected to reduce business costs by up to 50% and gives us competitive edges.
Instead of complaining about limited access to foreign markets, we should initiate long-term infrastructure projects and at least conduct feasibility studies. The reason is that the market will definitely surge soon so that domestic companies must be in position to be competitive in terms of infrastructure when the time arrives.
Major problem which degrades the country's competitiveness is weak development in infrastructure and energy sectors.
Other issues are to be discussed?
Apart of infrastructure issues, attendees will hold discussions on mining, agricultural projects and opportunities of cooperation and multilateral trading. We are primed to create internationally competitive domestic companies if we pursue international standards.
What do investors expect from us?
Stability
Photos: B.Byamba-Ochir