Some investors think that the impacts of the new minerals law will affect more than just the mining sector, and economic influence will stretch across multiple sectors.

“The investment climate in Mongolia needs to allow the private sector to be confident enough in the framework in Mongolia and supportive enough for not only domestic but also international investors,” said Brian Goldbeck, Deputy Chief of Mission at the U.S. Embassy.

Representative expressed the need for stability in democratic processes and transparency in developing and implementing legal frameworks.

“I don’t think the same stability exists here and we need to stress the message to the rest of the world that there is a certain way to do business here,” commented Bob Barrows, President of Wagner Asia.

“There are concerns for the domestic and foreign investors including the American investors’

World Economic Forum Survey of Mongolian Entrepreneurs, which clearly shows what Mongolians see as the biggest problems here. Inefficient government bureaucracy, inadequate infrastructure, excessive tax rates, corruption, excessive tax regulation and lack of access to financing are all concerns,” said Goldbeck.

“We do share Mongolia’s interest in having them graduate from being a recipient of international largess. But Mongolia’s economy has to grow and grow quickly and we see this largely as being led by the private sector.”

Conference participants expressed that they are here to learn about Mongolia’s investment climate and to make business contacts in Mongolia.