An investment forum entitled ‘The Connection between the Free Economic Zone and the Economic Corridor’ was held today (16 January) at the Mongolian National Chamber of Commerce and Industry. At the event, Mongolia’s policies on transport and logistics and the role and significance of the free zones were discussed. To date, Mongolia has invested a total of USD 58.8 million on construction at the site of the Zamyn-Uud Free Economic Zone (FEZ). However, so far, the Mongolian parliament has still not yet approved an intergovernmental agreement for establishing this FEZ.
Deputy Speaker U.Enkhtuvshin, said that the ‘Zamyn-Uud FEZ was first discussed in 1995, the law regulating its activity was approved in 2002 and amended in 2015. However, it has not been finalized due political uncertainty. Over the years, there have been concerns about some of China’s intentions; on one occasion Mongolian women MP’s were concerned about Beijing’s idea of to set up a gaming and casino centre in the zone and the local impact. It should be remembered, however, that China’s economic miracle, under Deng Xiaoping, the establishment of a chain of FEZ’s provided a major stimulus for growth. China has also been keen to show Mongolian specialists its mega zone in Shenzhen. The Zamyn-Uud FEZ has often been discussed in the context of establishing an Economic Corridor between Mongolia, Russia and China’.
Currently, 58 enterprises have obtained licenses to implement nearly 70 projects in Zamyn-Uud FEZ; ten of them are already under construction. The Free Economic Zones in Mongolia are expected to contribute 20-40 percent to Mongolian GDP.