New investment center to be opened through economic corridor program
During its weekly meeting on Wednesday, Cabinet agreed to establish an investment center under the Ministry of Foreign Affairs, which will support projects through an economic corridor program being carried out by Russia, China and Mongolia.
Under the economic corridor program, the sides are set to implement 32 projects in the areas of urban planning, infrastructure, energy, environment, tourism and agricultural cooperation.
The main responsibilities of the investment center are to carry out feasibility studies; make recommendations for project executors to meet the three countries’ laws and regulations; and conduct environmental surveys for infrastructure, ports, freetrade zones and urban planning to meet international standards and Mongolian laws, resolutions and standards.
Acting Minister of Foreign Affairs Ts.Munkh-Orgil was instructed to lay down the operational principle and structure of the center, and to hire experienced officials from ministries, agencies and other state organizations to help the center in carrying out projects.