Mongolia holds int'l forum to attract more investment in mining

0 Comment(s)Print E-mail Xinhua, September 27, 2019
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ULAN BATOR, Sept. 27 (Xinhua) -- The 17th Discover Mongolia International Mining Investors Forum was held here on Friday, creating a platform for the inland Asian country to attract more investment.

The annual forum, co-organized by the Mongolian Ministry of Mining and Heavy Industry, the Business Council of Mongolia and the Mongolian National Mining Association, brought together more than 500 officials and investors from 15 countries, including China, Russia, Canada and Australia, the organizers said.

"The annual forum has become a great platform to introduce business opportunities in Mongolia and attract more investment in the Mongolian mining sector," Bayanjargal Byambasaikhan, chairman of the Business Council of Mongolia, told Xinhua.

The participants exchanged views on such issues related to the mining sector as public-private partnerships, business opportunities and challenges, ways to attract more foreign investment and the current situation of the global financial sector.

Mongolia is rich in natural resources, and foreign direct investment (FDI) in the mining sector has been one of the main drivers of the country's economic growth.

The Asian country attracted a total of 23.9 billion U.S. dollars of FDI in the period from 1998 to 2018, 73 percent of which went into the mining sector, according to the country's Ministry of Mining and Heavy Industry.

In addition, the sector single-handedly formed 87 percent of total exports, 72 percent of the industrial output, 24 percent of the gross domestic product and 75 percent of foreign investment in 2018, the ministry said. Enditem

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