Mongolia is now desiring to make a historic jump to economic revolution, Prime Minister S.Batbold said in his opening speech at the first ever meeting of Mongolia Economic Forum in Government House, Ulaanbaatar, on Monday 8 February.

"Key principle of Government's economic policy is to increase investment, proceed with further industrialization and build a foundation of development economics by making more healthy the business and financial environment. We had talked about development gate and development path in somewhat general and comprehensive manner. We have responded to only general issues. Now it is time to discuss it more concretely. Time is now to turn to real business than to talk, to take concrete steps, to correct the wrong," Batbold said.

The primary objective of the Mongolian Economic Forum is to build consensus around defining sustainable economic development policies and addressing pressing challenges faced by the key economic sectors of Mongolia among policy makers, business communities, academia, and the civil society. The Forum will also lay a foundation of an independent, non-governmental, non-partisan organization that will act as a permanent venue for open discussions on various policy issues. Apart from organizing the Mongolia Economic Forum on an annual basis, the newly formed institution help all relevant stakeholders find consensus on development priorities.

"Why so far we could not exploit strategically important deposits such as Tavan Tolgoi, Shivee Ovoo, Asgat, Burenkhaan, Mardai, Gurvangol and others in the development of the country ? We have to discuss and exchange views on this and other issues so as to arrive at a common understanding.
This year the Forum is focusing on the following topics: Reform of the State Budget of Mongolia, Development of the Mining Industry, Environment and "Green" Economy, Reform of the State Registration System, Reform of Capital Markets and Improving Competitiveness.

"...Other countries are producing, we are consuming. We are extracting raw materials from mining, but they are making final products. We are trading our agricultural products and livestock-originated raw materials, but other countries are producing ready goods. We mainly import, they export. We must change this situation. This is a key objective of our economic policy," Mr Batbold said.

At the end of his speech, the Premier Batbold proposed to set up a new public organization "Mongolian Development Strategic Council”. He said that he wished that this first ever Economic Forum to be a start of a decisive step to develop economic democracy; move from a vulnerable economy to stable economic development, from a obscure and unhealthy economy to open and transparent economy, from a financially strapped economy to a one based on capital market principles".

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