The Mongolia Economic Forum, carried out over two days in Ulaanbaatar, ended on April 3.

Around 1,500 foreign and domestic representatives participated in the forum. This year’s forum followed the theme of  “credibility” and closing remarks were made by Speaker of Parliament Z.Enkhbold. 

The following are highlights from the speech given by Speaker Z.Enkhbold:

This year’s forum is being held in circumstances where economic growth has decreased and the business environment faces crisis and difficulties. It is necessary to formulate long term development trends for economic development.     

Indeed, difficulties which have been created by present economic conditions require us to correctly understand interactions between economic sectors, to address policy problems, and to implement planned projects and construction.    

One of the advantages of this year’s forum is that we have discussed the short term swings of the economy and long term directions for economic development from different points of view.  

Another feature of the Mongolian economy is that the development of infrastructure and other sectors is very weak.  

Thus, the main policy of our economy is to correctly deal with the short term swings of the mining sector and create long term growth; to create an investment environment maintaining industrial policy. 

The foundation of the industrial sector is one of the stages which inevitably should be passed on, like when someone is raising a child and teaching him or her to read and write.     

We can compete in the global market only by producing value added products and raising our national wealth. Thus, our economy can be stabilized and the speed of economic development will increase.

Along with intensification of economic development, we should pay attention to agricultural sector development.   As a result, employment will be stabilized and it will be become a foundation for the development of the domestic market. 

The economy of Mongolia is multipronged and has a richness of dynamics.  We could not discuss this issue completely by only meeting once a year.  

We should always be discussing the issues which have been raised during this forum, and study more accurate data and figures to reflect results in the economic and social policy of Mongolia.