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Mongolian Foreign Investment Growth at 10-Year Low
Foreign investment grew only 4 percent in Mongolia in 2000, the lowest rate since 1990, The Business Times reported Friday.
The highest growth rate of foreign investment was recorded in 1994 when it witnessed a seven-fold increase of foreign investment.
But the pace of increment of foreign investment slowed down in the following years, except for 1999, when foreign investment increased sharply by 62 percent, thanks to the seventh meeting of Mongolia's donor countries in Mongolia, the paper said.
Since 1990, more than 1,500 foreign-invested companies, which have a combined registered capital of 334 million U.S. dollars, have been set up in Mongolia. They have created over 50,000 jobs, the paper said.
Some 400 of the 1,500-plus foreign-funded companies are set up by Chinese investors, which account for 25 percent of the total foreign investment in Mongolia.
Experts said that foreign investment in 2001 will depend on the eighth meeting between Mongolia and donor countries scheduled for January 29 in Paris, and the improvement of investment climate for foreign investors in the country.
Currently, the international accountancy system is not practiced in Mongolia and there is no international professional arbitration court for businesses in the country.
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