AmCham Hosts Meeting with the Senior Representatives from Leading International Financial Institutions in Mongolia
ULAANBAATAR, Mongolia – The American Chamber of Commerce (AmCham) in Mongolia hosted its June Monthly Meeting on Tuesday, June 14th, 2016 with senior representatives from the leading International Financial Institutions in Mongolia, featuring Country Manager for Mongolia, East Asia and Pacific from The World Bank Mr. James Anderson; the Head of Office for Mongolia at the European Bank for Reconstruction and Development Mr. Matthieu D. Le Blan; and the Country Director for Mongolia at the Asian Development Bank Mr. Robert Schoellhammer.
The meeting convened over 60 participants, including AmCham members and representatives from the Mongolian private sector. The comprehensive panel discussion focused on the medium-term economic outlook of post-election Mongolia, including a look at the opportunities and challenges. A Q & A session with the panelists followed the discussion.
Mr. James Anderson, Country Manager for Mongolia, East Asia and Pacific from The World Bank, commented on the GDP growth of Mongolia by noting, “When Oyu Tolgoi Phase II development starts contributing to the economy, it will have some spillover effects on the overall economy.”
During the discussion on foreign direct investment in Mongolia, Mr. Matthieu D. Le Blan, the Head of Office for Mongolia at the European Bank for Reconstruction and Development, noted, “In order to receive more foreign investment, we need quality equipment, machinery, and expert know-how.”
“What we can expect from the government after the election is a radical reduction in expenditures to start paying its debt,” says Mr. Robert Schoellhammer, the Country Director for Mongolia at the Asian Development Bank.
Mr. Jay Liotta, Chairman of AmCham summarized the discussion noting, “It is important to have closer collaboration between the IFIs and the private sector. The two parties have common issues and interests.”
About AmCham Mongolia
AmCham Mongolia is an independent membership-driven organization that seeks to build, strengthen, and protect business between the United States and Mongolia and to actively promote Mongolia as a destination for American investment. AmCham Mongolia is the official local affiliate of the U.S. Chamber of Commerce, the largest business federation in the world with over 3 million member companies. AmCham Mongolia is also a member of the Asia Pacific Council of American Chamber of Commerce, consisting of 29 American Chambers of Commerce in the Asia Pacific Region.