The Mongolia Investment Forum hosted by Euromoney starts today in Ulaanbaatar. 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, made a welcome address to the delegates. “Making a great achievement of 10% annual economic growth, maintaining a stable 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, the UN, and Bloomberg are taking part in the conference.
Today, attendees discussed two Panels which were titled as “Prospects for Mongolia’s Economy: 2009 and Beyond” and “Reform in the Financial Sector”. Main speeches were delivered by an ING Wholesale Banking delegate, an Economist from the UN, Director of Santmaral Foundation, and CEOs of Mongolian Banks.
Alisher Djumanov, Managing Partner of Eurasia Capital Management, noted that “Mongolia is much like Eastern European countries, I realized that it has huge potential”, “It’s obvious that Mongolia has opportunities, the question is 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.
The second day of the Mongolia Investment Forum will begin tomorrow with a keynote address from Yangug Sodbaatar, Deputy Minister for Industry and Trade of Mongolia.