Government urged to move forward large mining projects

Oyundelger 2016-10-04 07:10

Mining

Government is urged to move forward large mining projects.

Government is urged to move forward large mining projects.  Opening the autumn session of Parliament Mr. Speaker M.Enkhbold told to recover the economic and financial well-being through re-defining the macroeconomic adjustments, promoting the private sector and attracting more foreign investment. As the major factors of depreciated confidence of foreign investors, the Speaker underlined bureaucracy in the public service, political pressure, legal instability, misunderstanding and lack of single window system. Mr. Speaker emphasized an importance of straightforward and honest mindset, without politicizing, when it comes to solving the country’s critical financial problems. The nation’s economic growth is expected to be 0.1-0.6 percent in 2016, a sharp contrast with a 17.3 percent growth rate registered in 2011, said Mr. Enkhbold. The global commodity market downturn has deeply impacted the country which heavily depends on mining. Moreover, the unfavorable investment environment has scared foreign investors away. The newly formed government is reportedly working to restore foreign investors’ confidence and attract more investments.