Mongolia introduces new revival policy on economic independence

Source: Xinhua| 2021-12-06 20:36:44|Editor: huaxia
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ULAN BATOR, Dec. 6 (Xinhua) -- Mongolia has introduced a new revival policy for economic independence.

"Economic independence is based on a prosperous middle class, stable growth, inclusive growth and a multi-pillar economic structure. The COVID-19 pandemic has given us a real sense of how vulnerable Mongolia's economy is and how much it depends on others," Luvsannamsrai Oyun-Erdene, prime minister and acting head of the ruling Mongolian People's Party (MPP), said on Monday, at the opening ceremony of the ruling party's two-day congress.

The new revival policy covers comprehensive reforms in the areas of port, energy, industry, green development and government productivity, among others, according to the prime minister.

"Mongolia's economy is highly dependent on exports of a small number of mining commodities, such as coal, copper, iron ore, and gold, stifling the potential for many economic pillars. So, raw materials will be processed and value-added factories will be established," he said.

"Urban-rural imbalance is a major factor stifling our development," he said, noting that the capital city of Ulan Bator is home to over half of the country's 3.4 million population.

The government will fully support a national campaign, dubbed the "Billion Trees," which was rolled out on Oct. 4 and aimed at planting a billion trees by 2030 to combat desertification and reduce land degradation, he said.

The policy also covers skills training and performance enhancing for civil servants so as to streamline administration, create a favorable business environment and crack down on corruption and abuse of power, he added. Enditem

KEY WORDS: Mongolia,Economy,Independence