Only two things are requisite when drawing in foreign investors. First and foremost is the opportunity to create the profits they seek. Such occasion did originate in 2010-2012 following the price and demand hikes of mining commodities. Investors also squeezed in at the time. In order not to chase off the investors that were sticking out their money and to maintain partnership for as long as possible, it is necessary to provide stable policy and legal environments. Once managed, the second chance will be available. These two shall be paired together to allow the inflow of foreign investors and positively impact the economy. China is an example that has shaped these two at the top of the ladder to sufficiently collect the fruit. Same could be said to the East Asian countries, including Myanmar and Philippines.
But when it comes to pairing the profitable opportunity and stable environment, Mongolia has neither. Especially in the stability arena. Mongolia’s private sector and business associations flagship the efforts of welcoming foreign investors and promoting the country better than the Government itself. Plain examples are the 17th “Discover Mongolia” and 9th “Coal Mongolia” forums. On the contrary, it virtually feels as if the Government is performing better in driving out the investors. The Government’s annual “surprise” almost became a formality for the investors that came to Mongolia to remain for at the least 5-10 years and more. As for this year, three “surprises”, namely the revocation of mining licenses, deployment of Prime Minister’s army, and a blustering statement of protecting the nature, were handed to them. While the Parliament is obviously anticipating to bring up the termination of Oyu Tolgoi project, the discussion on nationalizing natural resource under the amendments to the Constitution is waiting in line as the third “surprise.
The state of global mining market is actually “not too shabby” right now. The commodity prices remain stable and economies are on the rise. While resource-rich countries are making considerable amount of efforts to lure in investors, Mongolia is facing the opposite direction. Maybe if you look at the state policies and decisions of political authorities, it may appear pointless to draw in new investors for Mongolia. Instead, it may just be more important to bid the current investors a CEASE-WELL IN MONGOLIA… If the few investors from Australia, Canada, and Singapore turn their back on us, we will surely strip down our accomplishments of the last 10 years, becoming a complete “land-locked” country.
Sumiyabazar.D: Government will back responsible mining
The first stage of listing an IPO based on East Tsankhi is an option that will be very interesting for investors with a longterm prospect.
Oyu Tolgoi to become next Government’s headache
The dispute between Rio Tinto and the Government on Oyu Tolgoi’s Investment Agreement (IA) entered its tenth anniversary.
Pay your taxes and prepare for an environmental inspection
The Government is on a campaign to audit mining companies in order to weed out and cancel “shady” licenses.
Negotiation with China: Necessity for export increase
The relations between China’s coking coal sector and Mongolia’s export coal industry are far behind. We need to develop this.
China’s steel production closes in on Mongolia
Consequently, China’s northern region that was left out of investment for many years may just become the growth capital.
B.Munkhdul: Time to re-initiate explorations
The “Discover Mongolia – 2019” mining conference is being organized for the 17th year. We spoke to B. Munkhdul, Head of the conference’s organizing committee.
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