Conference brings together present and prospective investors
The 1st Annual Mongolia Investment conference was held yesterday in Ulaanbaatar, co-organized by Eurasia Capital, with a host of supporting organizations, including the Business Council of Mongolia, the Corporate Governance Development Center, Mongolia Development Resources, Thomson Reuters and The Wall Street Journal.
In their opening statement the organizers noted that this is the right time to invest in Mongolia, and hoped the forum’s deliberations will provide insight into the most promising sectors of the Mongolian economy through in-depth discussion of the market and the products. The EBRD head here, Terre van Woort, hoped the forum will showcase a range of Mongolia-based opportunities in the natural resource and financial sectors and beyond and offer investors the chance to exchange views and learn from one another’s experience.
The head of the National Development Reform Committee, G.Batkhurel, who spoke on the macroeconomic indices of Mongolia, later answered questions.
What result do you expect from the forum?
It is significant that the forum has brought together present and prospective investors. The Vice President of Mongol Bank spoke about the country’s development potential. Finding investors is the crucial issue. The forum gives foreign investors a chance to access accurate and correct information.
You talked about problems for other sectors that focus on mining could cause. What are these?
If mining develops too quickly, other fields like agriculture and livestock will be left behind. This may very well lead to the Dutch disease where laggards draw the successes down. We have to ensure equal and corresponding development in all fields. For example, we can produce organic meat, vegetables and wheat for our two neighbor countries, after of course meeting domestic demand. The mining sector will create many businesses around it and we have to coordinate their growth so that there is all-round economic development.
How will the Government do this?
Proper coordination has to be effected in the legal environment to encourage large investments, using modern technology. We have to provide trained staff and specialists for all the work. The quality of the human resources is as important as the quantity, but we also have to make sure that Mongolia has enough labor at home. If necessary, our workers abroad will have to be brought back. Otherwise we may face a deficit of labor in 2013-2014 when the processing factories will be ready to work.
In their opening statement the organizers noted that this is the right time to invest in Mongolia, and hoped the forum’s deliberations will provide insight into the most promising sectors of the Mongolian economy through in-depth discussion of the market and the products. The EBRD head here, Terre van Woort, hoped the forum will showcase a range of Mongolia-based opportunities in the natural resource and financial sectors and beyond and offer investors the chance to exchange views and learn from one another’s experience.
The head of the National Development Reform Committee, G.Batkhurel, who spoke on the macroeconomic indices of Mongolia, later answered questions.
What result do you expect from the forum?
It is significant that the forum has brought together present and prospective investors. The Vice President of Mongol Bank spoke about the country’s development potential. Finding investors is the crucial issue. The forum gives foreign investors a chance to access accurate and correct information.
You talked about problems for other sectors that focus on mining could cause. What are these?
If mining develops too quickly, other fields like agriculture and livestock will be left behind. This may very well lead to the Dutch disease where laggards draw the successes down. We have to ensure equal and corresponding development in all fields. For example, we can produce organic meat, vegetables and wheat for our two neighbor countries, after of course meeting domestic demand. The mining sector will create many businesses around it and we have to coordinate their growth so that there is all-round economic development.
How will the Government do this?
Proper coordination has to be effected in the legal environment to encourage large investments, using modern technology. We have to provide trained staff and specialists for all the work. The quality of the human resources is as important as the quantity, but we also have to make sure that Mongolia has enough labor at home. If necessary, our workers abroad will have to be brought back. Otherwise we may face a deficit of labor in 2013-2014 when the processing factories will be ready to work.
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