Prime Minister J.Erdenebat received European Union member countries` ambassadors on Nov 14 and about 30 ambassadors have attended the meeting.
At the beginning of the meeting, the Prime Minister highlighted that Mongolia has been actively trying to develop relations and cooperation with other countries after implementing independent foreign policy in the early 1990s. Within the framework of this goal, Mongolia has implemented the policy of "third neighbor" and strengthened the relations and cooperation with the European Union and its member countries in all sectors. The European Union is Mongolian major trade partner and the biggest investor.
He added that the Government aims to overcome economic difficulties by stabilizing the economy in short period, ensuring growth, supporting social sectors and improving living condition of the residents. In regards, the Government developed program on overcoming economic difficulties and stabilization. Also, we are making negotiations with foreign partner countries and International Monetary Fund.
Foreign investment in Mongolia has declined due to commodity prices have fallen on the world market. However, our internal factors have affected more. We consider that the Government instability and bureaucratic state institutions caused the drop in foreign investment. The Government is taking specific actions to restore trust in investors. Thus, the Prime Minister requested ambassadors to attract investment through various measures.
Moreover, he noted that the Government has established the Investors' Rights Protection Committee in order to provide the protection to investors, create favorable conditions for cooperation within the law and prevent potential risks.
Mongolia plans to build oil processing, copper smelting and coal processing plants. The Government is working to attract foreign investment to this major projects.
Prime Minister J.Erdenebat received European Union member countries` ambassadors on Nov 14 and about 30 ambassadors have attended the meeting.
At the beginning of the meeting, the Prime Minister highlighted that Mongolia has been actively trying to develop relations and cooperation with other countries after implementing independent foreign policy in the early 1990s. Within the framework of this goal, Mongolia has implemented the policy of "third neighbor" and strengthened the relations and cooperation with the European Union and its member countries in all sectors. The European Union is Mongolian major trade partner and the biggest investor.
He added that the Government aims to overcome economic difficulties by stabilizing the economy in short period, ensuring growth, supporting social sectors and improving living condition of the residents. In regards, the Government developed program on overcoming economic difficulties and stabilization. Also, we are making negotiations with foreign partner countries and International Monetary Fund.
Foreign investment in Mongolia has declined due to commodity prices have fallen on the world market. However, our internal factors have affected more. We consider that the Government instability and bureaucratic state institutions caused the drop in foreign investment. The Government is taking specific actions to restore trust in investors. Thus, the Prime Minister requested ambassadors to attract investment through various measures.
Moreover, he noted that the Government has established the Investors' Rights Protection Committee in order to provide the protection to investors, create favorable conditions for cooperation within the law and prevent potential risks.
Mongolia plans to build oil processing, copper smelting and coal processing plants. The Government is working to attract foreign investment to this major projects.