Investment Agency will be formed

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A regular Cabinet meeting was held on 9th of November and discussed 20 agendas resolving the following.

Investment Authority will be established under the Government Implementation Agency

There are over 250 agencies globally with the objective of attracting and boosting investment and protecting investor interests. Therefore, Mongolia needs a modern mechanism to attract investments matching the needs of investors and learn from best international practices. Thus, under the supervision of the Minister of Economic Development, the cabinet decided to form an Investment Authority. The authority will implement the rights and responsibilites stated in the newly approved Investment Law such as attracting foreign investors, sustainig the stability of legal and business environment, promoting the country’s investment environment, and issuing stability certificate for eligible investors.

The new authority will be established on the base of Foreign Investment Coordination and Registration Department of the Ministry of Economic Development, transferring certain functions to the State Registration Authority, and also, adopting appropriate functions stated in the Investment Law. The authority will have promoting, consulting, investment appraising, administration, and human resource units.

Mongolia introduced National Plan of the Open Government Partnership 

The plan reflected the contribution of civil society and state organizations. It has 3 main objectives, 11 goals to be implemented by 30 action-plans. The Cabinet decided that Mongolia’s objectives are in line with the OGP’s therefore, resolved that Mongolia will join the OGP.
To ensure the transparency of the agreements government is planning to implement Transparent Budget and Transparent Procurement. The Cabinet Press Office stated that by joining the partnership it will benefit the country on international level, and also will help implementing the domestic plans on making the government more transparent.

 

In brief:

– Minister of Foreign Affairs was charged to discuss the results of the SGK Chairman Z.Enkhbold’s official visit to Turkey, and submit the report to National Security Council.
– Cabinet resolution will be made in accordance with 183th resolution of 2013, on monetary awards for successful athletes participated in continental and world level competitions.
– Minister of Environment and Green Development S.Oyun will be responsible for further planning and implementation of Mongolia-Hungary economic partnership followed by the meeting held in Budapest on 7, 8th October, 2013.
Source: Cabinet Press Office

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