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