Government to focus on industrialization revival
Last week, with the initiative of Prime Minister L.Oyun-Erdene, the National Forum on Industrialization was organized. One of the main goals of the government’s New Revival Policy is Industrial Revival. The purpose of the forum was to provide concrete solutions in a wide range, such as improving the investment of the industry, the legal environment, the energy and infrastructure resources that are important for the recovery of industrialization, and the cooperation of the government and the private sector. About 1,000 domestic and foreign representatives participated in the forum, which is jointly organized by the National Industrialization Committee, the Ministry of Mining and Heavy Industry, the National Mining Association, and Erdenes Mongolia association.
Prime Minister L.Oyun-Erdene emphasized that the main importance of this forum was to increase the export of mining products, which weigh on the economy of Mongolia, and to determine the solution to diversify the economy.
In the past two years, the government implemented New Revival Policy to fight the difficulties of the pandemic. All attention was paid to the core of the medium-term policy, Port Revival. Many important results have been achieved, such as agreeing on the border connection point that could not be resolved for many years, and putting Gashuunsukhait and Zuunbayan railways into operation, which are aimed at increasing the export transportation output of mining products. The government has paid special attention to the electronic transition of public services and has integrated about 1,000 services of more than 80 government organizations into the E-Mongolia 3.0 system. In the same way, L.Oyun-Erdene said that the government will pay special attention to intensifying the Industrial Revival.
Mongolia ranks 15th in the world with 173 billion tons of coal reserves and 6th in Asia with 74,000 tons of uranium reserves. It accounts for nine percent of the world’s reserves with its 36 million tons of copper reserves, about 250 million tons of oil reserves, 11 billion tons of iron ore reserves, and three million tons of rare earth element reserves and 22 million tons of feldspar.
To this extent, the mining sector accounts for 93 percent of Mongolia’s exports and 69 percent of foreign direct investment. For Mongolia, which is dominated by the export of raw materials such as coal, oil, copper, and iron ore, it’s vital to establish a processing plant for the main raw materials of export and to increase the production of value-added products based on advanced technology and innovation. Therefore, the Minister of Mining and Heavy Industries J.Ganbaatar emphasized that it is necessary to focus mainly on accelerating the process of transition from mining to processing, clarifying the legal environment, attracting investment, and preparing human resources.
Minister of Economy and Development Ch.Khurelbaatar presented the current situation of Mongolia’s economy, external and internal factors, and future trends in detail to the participants of the conference. He said that it is important to have a stable investment environment in the field of industrialization.