More than 80 Mongolian participants from national and subnational governments, industry, and civil society sectors attended a four-day seminar in March 2017 devoted to building capacity to implement the IGF’s Mining Policy Framework (MPF) in Mongolia.
The seminar was co-hosted by the IGF and the Ministry of Mining and Heavy Industry (MOMHI). The first two days focused on fiscal issues: financial benefit optimization; transfer pricing; beneficial ownership; and financial guarantees for mine closure. The third day focused on mine closure policies, while the final day was devoted to socioeconomic benefit optimization.
The Ministry is currently revising key areas of its legal framework for mining industry, including the new Law on Mining. The Government of Mongolia invited the IGF to perform an MPF Assessment to help identify gaps and ensure that the law reflects international best practices, with a focus on achieving sustainable development objectives. During the assessment, the Government of Mongolia invited the IGF to facilitate these capacity-building workshops.
Over the past quarter-century, Mongolia has experienced increased foreign direct investment in extractive industries. But economic growth has slowed significantly in recent years. The government is working to stimulate economic growth while ensuring that it meets its commitments to national and international sustainability goals, including the United Nations Sustainable Development Goals and Mongolia’s Nationally Determined Contributions under the Paris Agreement. While the country takes a multi-sectoral approach to economic growth, including through its vast agricultural and service sectors, the minerals sector remains a key focus of the government’s growth strategy and is a major contributor to Mongolia’s GDP.