Mongolia’s government has outlined the details of a sweeping economic roadmap for post-Covid revival. Dubbed the ‘New Recovery’ policy, the reform package combines both structural policy changes, such as partial privatisation of some state-owned enterprises, and major infrastructure initiatives, including the approval for a light rail transit system in the capital.

Speaking at the Mongolia Economic Forum (MEF) 2022, Prime Minister L.Oyun-Erdene invited local businesses, foreign partners and international organisations to cooperate on a MNT 150 trillion  investment goal, that aims to double GDP by clearing hurdles in six priority areas: energy, border ports, industrialization, urban and rural recovery, green development, and public sector efficiency. Approved by the Mongolian parliament in December, the policy comes atop the already-committed MNT  10 trillion for financial aid, helping to keep over 64,400 businesses afloat and save 360,000 jobs.

“Mongolia is open for foreign direct investment and tourism, directly thanks to my country’s handling of the pandemic and the large uptake of vaccines across the country thanks to the government’s vaccination drive. Our economic future will be driven by the ‘New Recovery Policy’ which is the government’s plan for economic growth and prosperity” said the Prime Minister.

As of a month ago almost all restrictions were lifted. Amongst those who would be classed as vulnerable, we have vaccinated 96% with one dose, 92% with two doses of vaccine, whilst 53% of those classed as vulnerable have had three vaccine doses. We have vaccinated around 70% of the overall population with one shot, 67% with two shots and over 32% with a third booster shot.

The Mongolian Economic Forum 2022 is the 9th time the event has been held at the Government Palace in Ulaanbaatar since its inception in 2010. The annual two-day forum was hosted by the Prime Minister of Mongolia and presents attendees with the opportunity to hear from the senior members of the government, as well as interview opportunities with ministers responsible for key policy measures. Experts from diverse fields also undertake panel discussions about the future of the Mongolian economy.