For the first time, representatives of the mining industry gathered at the Shangri-La Hotel for an entire week (19-23 September). Prime Minister L. Oyun-Erdene concluded by saying that there would be no recommendations or appeals from "Mining Week," but that we would discuss practical solutions and see the results of our work at next year's conference.
However, it is unclear what real solutions will emerge from this grand event that was organized to promote the mining industry and share information as part of the New Revival Policy. If we want to see the results by next year, we needed recommendations and an implementation plan from the event . But nothing like this emerged, and sessions full of information and ads took place, one after another. Of course, Mining Week will be valuable in the sense that it was part of the historic 100th anniversary of the mining industry. More importantly, the mining sector is in dire need of investment. Large projects were discussed at the conference, but where is the investment? How will this be addressed? Foreign direct investment is a most critical resource for any government to achieve its economic and development goals.
The Fraser Institute of Canada conducts an annual survey of mining companies to assess how government policies affect mining investment. In 2021, 84 countries, states and regions were ranked on two indicators - the Investment Attractiveness Index and the Policy Perception Index. After receiving responses from more than 290 mining companies. Mongolia was ranked 63rd out of 84, on the Investment Attractiveness Index, while Western Australia came first with a score of 90.21. In 2011, when the economy was at its peak, Mongolia ranked 31st out of 96 countries. Since 1990, $37.9 billion has been invested in Mongolia, and after deducting the Oyu Tolgoi's investment, the total is $22.5 billion. About 70% of these investments are in the geology and mining sector. One of the good news that came out of Mining Week is that the sector will be highlighted in the Investment Law.
The fact that changes aimed at effective protection of investors' interests will soon be introduced into the law is undoubtedly positive news for investors. The stock market is the main platform for attracting foreign investment. Therefore, if you make the tax environment favorable, it will attract foreign investment. Kh. Altai, executive director of the Mongolian Stock Exchange, stressed during the Mining Week event that any investor can become an investor through the Mongolian Stock Exchange. In fact, if the IPO at the stock exchange is successful, mining companies will be able to issue shares through the stock exchange. Thus, we can say that Mining Week has highlighted many new opportunities for investors.
"The mineral sector can attract foreign investors if they reach an understanding", G. Erdenetuya, executive director of the National Mining Association of Mongolia, told the Mining Journal. She spoke openly about the history of investments in geological and mining industry, and future challenges to be addressed. She spoke candidly about the history of investment in the geology and mining industry and future challenges. Journalist Z. Tselmeg, in his article “Citizen participation is crucial for sustainable mining” mentions that political decisions, laws, and regulations decide the fate of exploration licenses. But, unfortunately, for some reason we have been told that only local populations prevent the development of exploration. This article explains that an industry in need of investment still has pressing problems.