Invest Mongolia goes to Germany
More than USD 1 billion of investment is required for the implementation of 115 projects under this policy over the next three years.
National Development Agency of Mongolia is organizing Invest Mongolia, a series of investment conferences, in foreign countries with the aim of attracting investors. The conference was held in Hong Kong and London in the past. This time, it was held in Frankfurt, the financial center of Germany. The Government of Mongolia has adopted three pillar development policy. More than USD 1 billion of investment is required for the implementation of 115 projects under this policy over the next three years. For instance, according to the National Development Agency, USD 3.5 billion in the mining sector for 9 projects, USD 3.2 billion in the energy sector for 15 projects and USD 432 million in food and agriculture sector for 6 projects are respectively required.
The conference in Frankfurt was attended by representatives of National Development Agency and Development Bank of Mongolia, as well as Ambassador Extraordinary and Plenipotentiary of Mongolia to the Federal Republic of Germany Mr. Ganbat. In addition, the German Society for International Cooperation (GIZ) and Deutsche Bank supported the conference. In his opening speech, Director General of the National Development Agency Bayarsaikhan noted, "In recent years, German investment in Mongolia has stagnated. In order to change this, we are introducing highly profitable projects and offering proposals for cooperation. We are inviting you to cooperate on new investment and business opportunities in Mongolia". At the meeting, representatives from National Development Bank and Development Bank provided investors with information on the economic conditions and investment environment of Mongolia. This includes some positive information including Mongolia’s economic growth in two years, increase in foreign exchange reserves and budget deficit reduction. There were a number of interesting questions such as Mongolia’s policy on upgrading its current insufficient credit rating and bringing it into the BB (high) rate, possibility of directly interacting with state-owned companies when investing USD 50-100 million and development issues of Tavan Tolgoi deposit.
It is clear that foreign investment will have a significant impact on the sustainable development of Mongolia's economy, the creation of jobs and the implementation of various projects and programs. Hence, the National Development Agency, which manages and oversees foreign investment and major projects and programs, is responsible for introducing projects and programs to foreign investors and providing them with all necessary supports for investing and conducting their business in Mongolia. The next Invest Mongolia conference will be held in Singapore.