Temporary committee set up to support foreign investment

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On August 31, lawmakers G.Amartuvshin, Kh.Gankhuyag, G.Damdinnyam, D.Unurbolor and D.Togtokhsuren handed over a draft parliamentary resolution on establishment of a temporary committee to support foreign investment and trade to Speaker of Parliament G.Zandanshatar.

The legislators noted that in accordance with Article 29.1 of the Act of Parliament, there is a need to establish a temporary committee to define foreign trade policy, support and encourage foreign investors in investment planning, study investment stabilization issues, develop proposals and introduce the results during the plenary session.

Mongolia has been adhering to the principle of equality of investors regardless of whether they are foreign or domestic, and has been following the Law on Investment of Mongolia since November 1, 2013.

The law provides for the facilitation of public services and registration by improving the legal environment for investment, providing common legal guarantees to investors, protecting investors’ rights and property, and stabilizing the tax environment.

The government has signed double taxation exemption agreements with 29 countries, general trade and economic agreements with 24 countries, and bilateral investment promotion and mutual protection agreements with 42 countries.

The lawmakers emphasized that the National Security Council issued a recommendation on closing border crossings on January 2020, and the government of Mongolia issued a resolution on closing some border crossings and restricting movement on January 31, 2020 to prevent COVID-19. In this regard, air transportation was restricted, and the activities of foreign citizens, investors, professionals, and companies implementing projects and programs with foreign investment were disrupted.

According to the resolution’s initiators, in connection with the urgent need to formulate, plan, organize, activate and monitor foreign investment policy, stabilize investment, and correctly define foreign trade policy, the draft resolution on establishment of a temporary committee to support foreign investment and trade was developed by around 20 lawmakers.

Misheel Lkhasuren