The Mongolian government submitted a draft law Wednesday to revise a controversial "strategic investment law" in a bid to ease the path for foreign investment.

The strategic investment law, adopted by the parliament in May, stipulates foreign investment in strategic sectors that exceeds 100 billion Mongolian tugriks (more than 70 million U.S. dollars) needs parliamentary approval.

It defines the strategic sectors as mining, banking and finance, media, information and communications.

Pro-business organizations and foreign investors considered the law too harsh and created too much red tape for foreign investment.

Parliament said Wednesday in a press release "the legal requirement of parliamentary approval for foreign investment deals that exceed 100 billion Mongolian tugriks reduces interest by investors."

The draft law eliminates the threshold of 100 billion tugriks and proposes parliamentary approval be required only on deals involving companies with 49 percent state ownership. Endi

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