Ulaanbaatar
AustCham Mongolia Expresses Interest in Collaboration with Mongolia's Sovereign Wealth Fund
Economy
Ulaanbaatar, May 6, 2024/MONTSAME/. On May 6, 2024, the American Chamber of Commerce in Mongolia (AmCham), the Eurochamber Mongolia, and the Mongolia-Australia Chamber of Commerce (AustCham Mongolia) held a press conference to discuss the Law on Mongolia's Sovereign Wealth Fund, recently passed by the State Great Khural of Mongolia.
At the press conference, Brad Clark, Chairman of the Australian Chamber of Commerce Mongolia and CEO of Sandvik Mongolia, emphasized the importance of transparency in establishing a Sovereign Wealth Fund. He stated that such a Fund benefits the nation in the long term by generating profits and shared prosperity. Clark likened the Fund to an inheritance for future generations, highlighting the need for public education programs to promote understanding of this critical initiative.
Highlighting Australia's experience with the Sovereign Wealth Fund, the Australian Chamber of Commerce Mongolia expressed interest in collaborating with Mongolia on best practices for the operation of its new Sovereign Wealth Fund.
G. Javkhalantugs, Director for Policy at the American Chamber of Commerce in Mongolia, highlighted the need to review and discuss provisions in the new Law on Mongolia's Sovereign Wealth Fund concerning foreign and domestic investors. He expressed concern that unclear regulations regarding taxes and operations could lead to caution, hesitation, and potential risks for investors.
