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.

Deputy Prime Minister of Mongolia N. Nomtoibayar received H.E. Başak Genç Yüksel, Ambassador Extraordinary and Plenipotentiary of the Republic of Türkiye to Mongolia, on May 1, 2026.

At the outset of the meeting, the Deputy Prime Minister reaffirmed Mongolia’s readiness to expand relations and cooperation with the Republic of Türkiye across all sectors and exchanged views on economic cooperation and investment.

He noted that despite geographical distance, both sides are committed to strengthening economic ties and deepening bilateral relations. He also highlighted ongoing efforts to enhance cooperation with international partners within the framework of regional development policy and to improve the legal environment for free zones.

Ambassador Başak Genç Yüksel expressed Türkiye’s commitment to further strengthening cooperation with Mongolia, including through the implementation of joint projects and programs. She conveyed appreciation for Mongolia’s support and assistance during the earthquake disasters that occurred in southeastern Türkiye in 2023, and expressed readiness to expand cooperation in emergency management, regional development, and standardization.

Minister of Industry and Mineral Resources G. Damdinnyam briefed Prime Minister N. Uchral on the outcome of his visits to Russia and Kazakhstan, focused on fuel supply and energy cooperation.

G. Damdinnyam said he held talks with Russian officials on fuel supply and delivered an official letter from the prime minister to the Russian counterpart. He also met Russia’s energy minister and executives of energy companies, reaching a preliminary agreement to address current supply challenges.

Russia has indicated it will supply fuel to Mongolia at domestic market prices, he said, adding that this will keep fuel prices stable in May.

Separately, Kazakhstan has expressed readiness to supply Mongolia with up to one million tonnes of crude oil annually, and the two sides signed a memorandum of understanding on cooperation in the oil sector.

Prime Minister N. Uchral attended the opening of the extension to School No. 62 in Songinokhairkhan district on April 22, 2026.

Funding for the project was first allocated in the state budget in 2018, but construction was delayed due to the COVID-19 pandemic and legal disputes. Previously, students at School No. 62 studied in three shifts, with some attending classes in rented facilities. With the completion of the new extension, which has capacity for 640 students, the school will transition to a two-shift system.

Prime Minister N. Uchral said he was pleased to return to the constituency where he was first elected to parliament 10 years ago, now as prime minister. He said efforts had focused on addressing shortages of schools and kindergartens in the area, including building new facilities and expanding existing schools to eliminate triple shifts.

“It is rewarding to see the results of the work we have carried out,” he said.

He said the government will clear education institutions’ outstanding liabilities to social and health insurance funds. As a result, teachers and staff will no longer face obstacles in accessing pensions, leave, healthcare, loans, or visas due to unpaid contributions.

Prime Minister also highlighted the government’s newly approved strategy, “Free Every Mongolian Child from Learning Loss.” The strategy includes targeted programs, continuous teacher development, improved access to quality schools, and fair and transparent assessments.