The Mongolian government plans to slash the number of state-owned enterprises (SOEs) by one third to encourage private investment and set up a sovereign wealth fund, said Mongolian President Tsakhia Elbegdorj yesterday in Hong Kong.
Foreign investors abandoned one-time frontier-market darling Mongolia over the past 18 months amid a dispute over a mine development, but the country hopes a resolution and its new investment law can lure them back.
“There are so many new rich people and there is no place for them to spend their money” said Rob, a French- American investor I met on the flight from Moscow to Ulaanbaatar (UB). He told me he was building a new club and Irish pub – “the biggest in UB” he promised. I gave a dry smile. The thought of yet another Irish pub is hard for me to get excited about because they all look the same to me.
The new Dunjingarav shopping mall has been the subject of a dispute that around claims that the commercial building was constructed on a source of drinking water for Ulaanbaatar City. Ulaanbaatar City officials made a statement due to the dispute saying that the building would not be built on the site. However, now the shopping mall has already been built and is open for service.
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Ulaanbaatar /MONTSAME/ On Tuesday, the Mongolian delegates, led by the Deputy Speaker of parliament L.Tsog, held an extended meeting at the Federation Council Committee on Agriculture, Land tenure, Natural resources and Environment protection of Russian Federation in the frame of the visit.