In the first 11 months of 2018, USD 1.5 billion of foreign direct investment has come towards Mongolia of which about 90 percent goes towards mega projects.

According to the Central bank information, almost all of FDI goes towards the mining industry. FDI increased by 300 million compared to previous year. Investments are going towards mega projects such as “Oyu Tolgoi” which shows a need for further investments in other sectors.

The Ministry of Finance noted that “Oyu Tolgoi” project underground mine is expected to attract USD 1.3 billion in 2019. Moreover, in the midterm Mongolia’s asset account and financial accounts will be affected mostly by foreign direct investments, foreign securities, and supports that come from the “Extended Fund Facility” of the International Monetary Fund.

The World bank gave two directives for effective foreign direct investments. Particularly, increase benefits from FDI towards minerals, and identify opportunities to attract FDI for other sectors.

The National development authority plans to open a one-stop service center for investors on January 29th within its plans to attract FDI. They have been working on this for the past year.

Source: BloombergTv.mn