As part of the 100th anniversary of the establishment of the mining industry in Mongolia, the "Mongolian Mining Week-2022" conference, jointly organized by the Ministry of Mining and Heavy Industry and Oyu Tolgoi, started today.
The conference is being organized for the first time in Mongolia in connection with the government's policy to attract foreign investors and support domestic enterprises to stimulate the mineral resources and mining sector in order to intensify the economic recovery after the pandemic. Mining companies, policymakers and investors will be able to attend a variety of events including industry policy meetings, investment conferences, underground mining symposiums, mining equipment and supplies exhibitions, and occupational safety conferences throughout a week.
In his opening speech, the Minister of Mongolia and Chief of Cabinet Secretariat, D. Amarbayasgalan said that the mining industry, which plays a key role in the country's economy, accounts for 24 percent of the gross domestic product, 67 percent of the gross industrial output, 94 percent of the export income, 23 percent of budget revenue and 64 percent of foreign direct investment by the first half of 2022. and
Also, to successfully implement the goals included in medium and long-term policy documents such as "Vision 2050", "Mongolian Government's Action Program for 2020-2024", "Five-Year Main Directions for the Development of Mongolia in 2021-2025", and "New Recovery Policy", the mining industry will play an important role. There is a lack of optimal state regulation and appropriate participation of local administration in creating a favorable investment environment. In a sense, the government cannot give permission with one hand and oppress investors and the private sector with the other hand. Therefore, attention will be paid to improving the legal framework of the mining industry in line with new global trends, green development, responsible and transparent governance, increasing access to local citizens and future generations, and creating equal opportunities and fair distribution of wealth. It is in the interest of the country and citizens to adopt a more progressive policy that supports enterprises that are not responsible, do not perform rehabilitation, and harm the next generation, and are able to recover and compensate for their negative impact on nature.
The Government of Mongolia is pursuing a policy to develop the mining industry, increase production, and support the production of value-added products. He said that "We will continue to create a legal framework, construct infrastructure, add export ports and gateways, and improve capacity within the framework of the New Recovery Policy."