Mongolian Economic Forum 2018 concludes
President of Mongolia Kh. Battulga opened dialogues on the second day of Mongolia Economic Forum 2018 (MEF) with a speech. He noted that if Mongolia doesn’t adopt policies aligned with geopolitical trends, Mongolia won't be able to attract large-scale foreign investment. President Kh. Battulga announced that Mongolia will soon establish a free-trade agreement with the Eurasian Customs Union, which includes Armenia, Belarus, Kazakhstan, Kyrgyzstan and the Russian Federation. According to the president, there will soon be an opportunity for Mongolia to conduct customs tax-free foreign trade with these five countries. President Kh. Battulga also said that he hopes for collaboration with the Shanghai Cooperation Organization to be further strengthened by the end of 2018.
Rio Tinto’s Chief Executive of Copper and Diamonds Arnaud Soirat delivered a speech as an honored guest for the second day of MEF 2018. He stated, “Oyu Tolgoi LLC has invested seven billion USD since 2010. There are numerous opportunities in Mongolia. If we can cooperate effectively, Mongolia will realize its development goals with its partners. After the Oyu Tolgoi underground mine construction, we will have invested a total of 12 billion USD, an amount more than Mongolia’s annual GDP. Oyu Tolgoi is Rio Tinto's youngest copper mine, and has become the mine with the best indicators in terms of safety. International organizations greatly appreciate agreement transparency. We will invest one billion USD annually in the underground mine and introduce new skills and expertise to Mongolia. Rio Tinto could be a good long-term partner.”
Keywords: economic growth, PPP, MEF 2018
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