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MONGOLIA COOPERATES WITH IFC TO STRENGTHEN INVESTMENT

MONGOLIA COOPERATES WITH IFC TO STRENGTHEN INVESTMENT
19
Jul

MONGOLIA COOPERATES WITH IFC TO STRENGTHEN INVESTMENT

IFC, a member of the World Bank Group, signed a memorandum of understanding with the Cabinet Secretariat of the Government of Mongolia. The MoU aims to improve investment policies, promote economic diversification, enhance investor protection and further attract and retain private investments. Over the next three years, the Government of Mongolia will design a coherent investment policy and launch a Systemic Investor Response Mechanism (SIRM) to deal with investors’ complaints in a systematic manner. It will also promote the country’s agribusiness sector to domestic and foreign investors. In 2016, Mongolia’s economic growth slowed down to one percent amid declining exports and foreign direct investments. However, starting from the first half of 2017, growth has increased to 4.2 percent. The SIRM will offer investors a one-stop channel to register and track resolution of complaints at an early stage. This mechanism will assure investors that issues are handled efficiently and resolutions are ensured without fear of retribution. With financial support from the Hungarian government, it will also use information and communication technology to make the process efficient, accountable and result-oriented.