On Mar 7, the Honourable François-Philippe Champagne, Minister of International Trade, met with Ts.Dashdorj, Mongolia’s Minister of Mining and Heavy Industry, on the sidelines of the annual convention of the Prospectors and Developers Association of Canada, in Toronto, Ontario, and announced that the Canada-Mongolia Foreign Investment Promotion and Protection Agreement (FIPA) has entered into force.
This agreement sets out a framework of legally binding rights and obligations that will protect Canadian investors in Mongolia. The strong reciprocal protections in the FIPA will help Canadian and Mongolian companies deepen commercial ties with confidence and spur job creation.
Canada is one of the top investors in Mongolia, largely in the mining sector. In 2015, Statistics Canada estimated Canadian investment in Mongolia at approximately $6.4 billion.
The positive investment climate created by the FIPA may also help pave the way for deeper cooperation in Mongolia’s non-resource-based sectors, such as infrastructure and agriculture, where Canadian companies have valuable expertise to share.
Through deeper economic engagement, Canada is helping Mongolia to further build its capacity to manage its natural resources sector effectively and according to principles of transparency and accountability, environmental sustainability and inclusivity.
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