Government of Mongolia Pledges Active Partnership with Investors Amid Economic Growth

Ulaanbaatar, July 8, 2024 /MONTSAME/. Prime Minister of Mongolia Oyun-Erdene Luvsannamsrai delivered the opening speech at the Mongolia Economic Forum, which began at the State Palace of Mongolia on July 8, 2024.

Prime Minister L. Oyun-Erdene highlighted that Mongolia has transitioned to a proportional mixed system to ensure balanced parliamentary participation and representation, resulting in the first-ever parliament comprising members from five parties. Consequently, representatives from various sectors of society have joined the highest legislative body, with women constituting 25 percent of the members, surpassing the Asian average.

This year's Economic Forum, held under the slogan "Go Mongolia," is attended by around 2,000 domestic and foreign delegates.

From the 2023 Mongolia Economic Forum to the 2024 Forum, Mongolia's economy has grown by an average of 6-7 percent, with GDP rising to MNT 68.9 trillion in 2023 from MNT 53.8 trillion in the previous year. Per capita GDP has reached USD 5,875, and foreign exchange reserves have surpassed USD 5.0 billion. The Government of Mongolia has fully repaid its foreign bond debts on time.

Premier Oyun-Erdene mentioned that, based on the fundamental democratic principle of ensuring that every vote counts, the top three parties with the most seats in parliament—Mongolian People's Party (MPP), Democratic Party (DP), and National Labor Party (NLP)—have signed a Memorandum of Understanding to implement the Government's four-year economic plan, addressing Mongolia's pressing developmental challenges. Moreover, the Prime minister stated that the Government to be newly formed soon will actively collaborate with investors.