Mongolian
More than 120 foreign investors, together with representatives of the Bank of Mongolia and Mongolia’s private sector, attended the Prime Minister’s Economic Development Board’s “Unlock the Mongolian Economy” meeting in Ulaanbaatar on June 29.
The meeting delivered several key outcomes:
– Six investment agreements and memorandums of understanding worth a combined USD 545 million were signed.
– Singapore’s Phillip Capital, which manages USD 65 billion in assets, announced plans to open an office in Mongolia.
– Hungary’s OTP Bank formally expressed its interest in establishing a branch in Mongolia.
Addressing the meeting, Prime Minister N. Uchral said the discussions built on those held during the World Economic Forum’s Summer Davos in Dalian and highlighted the Government’s “Unlock” reform agenda to strengthen Mongolia’s legal framework and improve the investment climate.
Representatives of international investors welcomed the Government’s reform agenda. OTP Bank said ongoing regulatory reforms would improve opportunities to finance major projects and expand banking services in Mongolia.
Luís Santos, Founder of Alpac Capital, said Mongolia has established the foundations to attract more Western investment, citing the country’s improving governance, policy stability, and investment environment.
