Material**: Mongolia**, MN Simultaneous Interpretation" compiled the article for the benefit of readers. The views in this article are for reference only and do not represent the position of "MN Simultaneous Interpretation".
On December 27, 2023, Mongolia's ** regular meeting was held, during which in-depth discussions were held on a number of important topics and decisions were made, pointing out the direction for the country's future economic development.
* Decided to implement the "New Revitalization Policy" project through the Public-Private Partnership Law on the basis of long-term support for the private sector. The law, which will come into force on January 1, 2024, aims to establish a legal framework for cooperation with the private sector. In this context, specific procedures and methods such as the issuance of guarantees, partnership agreements and approvals have been clarified to facilitate the implementation of infrastructure projects. The main objectives of this regulation are to promote economic growth, create competition, fully implement asset management, introduce financial instruments to meet demand, and reduce the burden on long-term budgets by encouraging public-private partnerships. Through the establishment of equal mutual interests, long-term mutually beneficial cooperation and risk sharing mechanisms, Mongolia will improve its international reputation and attract more domestic and foreign investment.
The year 2024 was officially declared the "Year of Regional Development Promotion"* to address the over-concentration of Ulaanbaatar's population. According to statistics, 468% of the population lives in Ulaanbaatar, compared to 53 percent of the population2%。In order to narrow this gap, it was decided to formulate a medium-term development policy and target plan within the framework of the "Year of Regional Development Promotion" and in accordance with the concept of regional development. The financing agreements signed with the European Investment Bank (EIB) and the Asian Development Bank (ADB) will support provincial and regional green development investment plans, with the aim of promoting projects such as agricultural production, transportation and logistics centers, and green finance support.
In addition, the housing needs of citizens are met by establishing a National Housing Board to address the housing problem. Housing loan subsidies have been provided to 115,100 citizens under the Housing Finance Policy, but diversification is still needed to meet the needs of different groups. At the same time, the governor will lead the construction of the Ulaanbaatar Metro to alleviate traffic congestion. **A joint working group has been set up to conduct feasibility studies and design consulting services for metro construction, with plans to update relevant data for future developments.
Among a series of new economic development initiatives, Prime Minister Oyun Erden's visit will lead to a training program for highly skilled specialists to ensure that Mongolia is keeping pace with the times. Mongolia's Minister of Education and Science Enkh Amglung will elaborate and discuss the training plan in the field of specialization in the next ten years, strengthen the "Higher Education in Engineering and Technology" project with South Korea and Japan, train and cooperate with research doctors, researchers and medical experts, and promote Mongolia's scientific and technological strength in the world.
The implementation of these policies and plans will further enhance Mongolia's international competitiveness, attract more investment, and promote the sustainable development of the national economy.