Mongolian
Prime Minister N. Uchral met with private sector representatives and investors on May 6, outlining a series of reforms aimed at improving Mongolia’s investment climate, reducing bureaucracy, and expanding economic freedom.
The government plans to gradually phase out energy sector subsidies by 2029 and has approved a “green resolution” aimed at reducing dependence on imported fuel and energy. Tenders will soon be launched for privately financed solar power and battery storage projects in Orkhon, Uvurkhangai, Khentii, Dundgovi, and Govisumber provinces, the Prime Minister noted.
The Prime Minister also announced planned tax reforms aimed at easing the burden on businesses and citizens, alongside a proposed Economic Freedom Law designed to limit government restrictions on business activity. Under the framework, restrictions could only be imposed on the grounds of national security, public interest, or fair competition.
Prime Minister N. Uchral said existing regulations across 41 laws currently restrict foreign investment in multiple sectors. Amendments are planned in 16 sectors to remove unnecessary barriers and create a more investor-friendly environment.
Planned legal reforms would also strengthen the independence of the Mongol Bank and open the door for foreign banks to enter the market.
Mongolia is additionally preparing to launch major industrial projects, including steel and copper processing complexes, a gold refinery, an aluminum industrial park, and oil refinery facilities.
