Ulaanbaatar, October 10, 2023 /MONTSAME/. "Mining Week-2023", a conference to share the latest news and information on the mining industry, which is a pillar of Mongolia's economy is taking place on October 9-13.

The Ministry of Mining and Heavy Industry and the Mongolian National Mining Association are jointly organizing this year's conference. The conference aims to attract investment, provide investors with government policy and legal reforms of the industry, present new projects, market trends, and the investment environment, openly discuss and seek solutions for the issues facing the industry, and to outlook future development.

More than 300 representatives from 20 countries and more than 3,000 from enterprises and organizations of Mongolia are participating in the conference.

Minister of Mining and Heavy Industry J. Ganbaatar called on investors to invest in the mining sector of Mongolia for mutual benefits, noting that the Government of Mongolia is working to create a favorable environment for long-term stable investment.

In addition to investment, Mining Week-2023 is highlighting transparent and responsible mining. Within the framework of the "New Revival Policy", the Government is focusing on increasing ports, building paved roads, improving infrastructure and logistics, expanding the railway network, shifting the mining sector from extraction to processing, and intensifying industrialization.

At the Conference, representatives of the Government and the private sector made presentations for discussion on the international competitiveness of the mineral resources sector, the investment environment, legal reforms, transportation of mining products, responsible mining, and the environment.

The mining sector dominates the economic sector, making up 23.6 percent of Mongolia's gross domestic product, 24.8 percent of budget revenue, 93.7 percent of total exports, and 82.5 percent of foreign direct investment alone.

The mining exchange system for the open sale of minerals provides an opportunity for export trade to be transparent, and fair, and to trade the products at global market prices. Legal reform continues in the mining sector, the main driver of today’s economy of Mongolia. Specifically,  drafts of the Law on Subsoil, the Law on Minerals, the Law on Heavy Industry, and the Law on the National Wealth Fund have been developed, open discussions are being held at the level of the public and stakeholders, receiving opinions of scholars and researchers.