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Delivered by Armida Salsiah Alisjahbana

25 December 2023


Excellency, Mr. OYUN-ERDENE, Prime Minister of Mongolia,

Excellency, Mr. KHURELBAATAR, Deputy Prime Minister and Minister of Economy and Development, 

Excellency Mr. JAVKHLAN, Minister of Finance,

Mr. Enkbaatar Vorshilov, Director-General of the Investment and Trade Agency of Mongolia,

Distinguished delegates, ladies and gentlemen,

At the outset, I would like to congratulate the Government of Mongolia on the official launch of the re-established Investment and Trade Agency, or ITA.

This launch will certainly send an important signal to current and potential investors regarding the commitment of the Government to attracting business and investors from across the globe.

Likewise, I would like to thank His Excellency the Prime Minister for inviting me to speak at this event and underscore the active support of ESCAP to ITA throughout its re-establishment and operationalization journey.

With a mandate to promote, attract and facilitate foreign direct investment, or FDI inflows, ITA has a critical role to play.

It is responsible both for channeling investment into the country’s priority sectors and for ensuring that Mongolia can diversify away from mining and into sectors with the highest potential for making an impact on sustainable development.

I am encouraged by the significant strides Mongolia has already taken in this direction over the last two years, through addressing investment protection and disputes and revising and implementing a new investment law – both of these actions will surely increase investor confidence going forward.

Now with the launch of the re-established ITA, Mongolia has a window of opportunity to take a targeted and focused approach to attracting and facilitating investment, with a focus on realizing and maintaining high-quality, high-development impact investments.

Global FDI flows, both from large and medium-sized firms, are rapidly shifting away from environmentally damaging industries towards clean sectors – and this trend is evident across the world.

Attracting investments into sustainable sectors will not only better enable Mongolia to meet its sustainable development priorities but will also lead to job growth and productivity improvement.  

Yet, to seriously capitalize on the shift towards clean FDI, investment promotion agencies (IPAs), especially ITA, must adjust their approach to assessing and prioritizing sectors.

Instead of focusing solely on the economic benefits that an investment may bring, IPAs and countries must also evaluate and target investments in sectors with a high potential for sustainability.

In this regard, I am pleased to announce that we will be supporting ITA in boosting FDI into SDG-related sectors over the next two years.

Together, over the course of 2024, we will develop and implement an investment attraction plan that will deliver high impact and tangible results on inward investment inflows within the next three years.

To further ensure these results, we will also provide tailored capacity building on sustainable FDI investment promotion and attraction to ITA. 

To conclude, ESCAP looks forward to continuing its work with ITA and once again congratulates the Government on today’s launch of the Agency.

I thank you and wish you a successful meeting

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