Foreign Investment Agency to be re-established under Ministry of Economy and Development

Ulaanbaatar /MONTSAME/. Today on February 16, Minister of Finance B.Javkhlan announced that the strategy and development policy for the Ministry of Economy and Development was approved at the regular Cabinet meeting.

With the changes made to the 2022 State Budget and the Law on the Government, the Ministry of Economy and Development was officially established in January this year. “By having the strategy and development policy approved by the Cabinet, the Ministry is provided with opportunities and proper structure to fulfill its duties that have been reflected in the respective law. In its framework, an agency is also being established on foreign investment,” highlighted Minister B.Javkhlan.

“Previously, the Foreign Investment Agency carried out its operations independently under the Government. The agency is now being re-established under the current government after many years. With the re-establishment of the agency, Mongolia’s mid- and long-term policies and plans for foreign investment will become very clear, creating the appropriate conditions to connect foreign investors to large-scale construction projects being carried out domestically as well as with other economic sectors. The agency will be in charge of promoting current opportunities for making investments in Mongolia by carrying out wide-scale works to introduce the country’s business sectors,” he said.