Diplomatic World_69

etween Russia, Mongolia, China, South Korea, and Japan.
Mongolia enjoys over 300 sunny days a year. The country’s combined
wind and solar power potential is estimated to be equivalent
to 2,600 gigawatts (GW) of installed capacity or 5,457 tera-
HOW CAN MONGOLIA AND EU STRENGTHEN
COOPERATION IN PROGRAMMES SUCH AS THE
GLOBAL GATEWAY, EU GREEN DEAL OR THE
DIGITAL AGENDA?
watt-hours of clean electricity generation per year. The amount is
Mongolia and the European Union are located geographically
enough to meet the country’s energy demand (around 1.2GW as
apart from each other. Despite the distance, the European Union
of 2018), and can meet Northeast Asia’s regional energy demand
is Mongolia’s important partner in foreign policy and our Third
with a suitable transmission infrastructure. Mongolia’s current
Neighbour Policy, with whom we share common values such as
power generation capacity is currently made up of just 7 percent
democracy, human rights, freedom, and the rule of law.
from renewables and the Government has set a target of 20
percent renewables by 2023 and 30 percent by 2030.
Mongolia and the European Union established diplomatic
relations on the first of August 1989. This year marks the 33rd
One of the leading priorities of the government is to protect the
anniversary of our official bilateral relations. The year of 2022 has
needs and rights of the investors, to provide foreign investors
been a great achievement for our bilateral relations. In the first
with stable legal policies and cooperation as well as a favourable
half of this year, we have successfully organized the visit of our
environment, to aid in its implementation process of international
Vice Chairman of the State Great Hural (Parliament) to the Euro-
contracts, domestic laws and regulations.
pean Parliament, as well as the 14th Inter-parliamentary meeting
between the State Great Hural (Parliament) and the European
The Government of Mongolia has been taking an active policy
Parliament; the 21st Joint Committee meeting between Mongolia
to attract inward foreign direct investment since Mongolia has
and the EU; the Trade and Investment Subcommittee meeting
adopted a market economic system and has been persistently
and the Human Rights Dialogue.
conducting a policy that stabilizes the legal environment of foreign
investment and provides more favourable conditions for the
Mongolia has set a goal to reach a level where it is fully capable
investment procedures and regulations.
of competing in the region of Asia and the Pacific by 2050.
To achieve this objective, in 2020 the Parliament approved
To help investors in European Union have access to Mongolian
a new long-term development, strategic policy document
Direct Investment (FDI) annually targets the mining sector.
As the birthplace of the Chinggis Khaan, Mongolia offers unique
economy and benefit from the their investment in Mongolia,
“Vision-2050”. The main objectives of the EU’s Global Gateway,
natural landscapes and mysterious historical and cultural relics.
Mongolian companies and businesses jointly with the Embassy
Green Deal as well as the Digital Agenda very much coincides
The mining sector is obviously the prevailing sector of our econ-
It remains one of the last great adventure destinations in Asia.
of Mongolia in the Kingdom of Belgium are in a process of set-
with the objectives of mid-term and long-term development
omy and main base of our trade and industry. However, we face
Mongolia is the only place where visitors can get acquainted with
ting up the Chamber of Commerce of Mongolia in the European
policy of Mongolia.
the disadvantages of being over-dependent of one sector.
real nomadic life and travel to pristine nature by enjoying the big
Union (CCMEU).
Therefore, the Government of Mongolia attaches great impor-
sunrise in the Gobi and visiting the untouched natural places that
For instance, the Government of Mongolia is engaging in a Forest
tance in diversifying its economy and we are considering to
were mentioned in historical sources.
To provide government services to investors in comfortable
Partnership with the EU. The President of Mongolia has launched
develop the value-added industrial sector as a matter of urgency.
environment without any delay, the Government of Mongolia
a national campaign to plant a billion trees by 2030, and the
The Parliament of Mongolia has adopted The State Industrial
Forbes has named Mongolia as one of 10 best tourism destina-
has launched an “Invest in Mongolia” One-Stop Service Center
campaign is part of Mongolia’s efforts to reduce the impact of
Policy of Mongolia back in 2015. It shall lead up to determine
tion for 2019 and Insider has listed Mongolia as one of the
(OSSC) in partnership with relevant ministries and public institu-
planet-wide climate change and to bolster the country’s contri-
integrated activities to create the knowledge and skill-driven
13 unique destinations to spend a honeymoon. Tourism has
tions.
bution to achieving the United Nations Sustainable Development
manufacturing of high value-added products and services from
been highlighted as a potential sector to examine in terms of
Goals. The EU Green Deal, together with Mongolia’s commitments
agricultural raw materials and mining industry. Given the improv-
high FDI potential for the medium to long-term. In recent years,
The Government of Mongolia strongly maintains and supports
to the protection and sustainable management of forests, provide
ing investment climate (last year, for instance, Moody’s Investors
the Government has introduced a series of inspiring measures to
Mongolian companies and businesses to have access to Europe-
a solid framework for Mongolia and the EU to step up our efforts
Service changed the outlook on the Mongolian government’s
improve infrastructure and promote tourism and has set ambi-
an markets through various EU incentives and tax programs such
in combatting main global challenges such as climate change
issuer ratings from negative to stable), there is a high potential for
tious short and medium-term objectives for the sector, including
as GSP+ and others.
mitigation.
Mongolia’s industrial base to grow.
boosting international arrivals in Mongolia. As a developing
sector with high growth potential, boosting investments in hotels,
Within the framework of the Government objectives aiming to
Thus, I believe that the main objectives of our common goals
Apart from vast mining resources, we also have broad opportunity
tour camps, eco-tourism and foreign tour operators are highly in
restore investors’ confidence and to attract more investment into
would contribute to further strengthening Mongolia and the
and potentials to develop traditional food and agricultural sector.
demand.
the country, the Government of Mongolia has established the
European Union bilateral relations as well as jointly addressing
There is a great potential for exports of high value-added industrial
investor Protection Council in 2016. Public-Private Consultative
many global challenges as well as successfully implementing the
products based on meat, cashmere, yak hair, sheep, and camel
Mongolia has a huge potential to export renewable electricity
Committee was established under the Investment protection
sustainable development goals
wool and over the past decade, the agriculture sector – one of
across Northern Asia. According to the ‘Renewables Readiness
council in 2017 with the purpose of ensuring equal participation
Mongolia’s oldest industries – has remained integral to the coun-
Assessment: Mongolia’ from the International Renewable Energy
of both public and private sector by reflecting their suggestions
try’s long-term development strategy, even as mining, telecoms
Agency, Mongolia’s mostly untapped renewable resources could
and recommendation in policymaking process related to invest-
and some other relatively new sectors have grown rapidly.
be used to kick-start a major cross border power corridor
ment and business environment.
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