Daily Business News Mongolia

The Mongolia Investment Forum hosted by Euromoney starts today in Ulaanbaatar. His Excellency M.Enkhbold, Deputy Prime Minister of Mongolia, Mr.Christopher Garnett, Director of Euromoney Conferences, Mr.Namkhaijantsan, Economic Policy Advisor to the president of Mongolia, and Mr.Ganzorig, Chairman of FIFTA, are made a welcome address to the delegates. “Having valuable achievement of 10% annual economic growth, stable political democracy, economic freedom, and by decreasing number of taxes including VAT from 15% to 10%, Mongolia is attracting foreign investors”, Deputy Prime Minister M.Enkhbold remarked.

Delegates of famous foreign institutions such as ING Bank, Citibank, Deutsche Bank, Eurasia Capital Management, EBRD, UN, and Bloomberg are taking part in conference.

Today, attendees discussed around two Panels which were highlighted that “Prospects for Mongolia’s Economy: 2009 and Beyond” and “Reform in the Financial Sector”. Main speeches were delivered by ING Wholesale Banking delegate, Economist of the UN, Director of Santmaral Foundation, and CEOs of Mongolian Banks.

Alisher Djumanov, Managing Partner of Eurasia Capital Management, noted that “Having seen Mongolia is much like Eastern European countries, I realized that it has a huge opportunities”, “It’s obvious that Mongolia has a opportunities, the question is that how to transfer these opportunities into yield or return”, he continued.

Djumanov, 35, established the world’s first Mongolia-focused investment fund this year.

“Mining in Mongolia, which has reserves of coal, copper, gold and uranium, will spur ‘double-digit’ economic growth rates over the next 10 years as commodity prices remain high. The spillover effect from the mining sector will be significant. We’re investing in companies that are expected to grow significantly on the back of this strong economic growth” he said on Bloomberg last month.

Second day of Mongolia Investment Forum will begin tomorrow with keynote address of Yangug Sodbaatar, Deputy Minister for Industry and Trade of Mongolia.

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