AmCham’s Financial Services Committee seeks to initiate the policy process for alignment of regulatory and financial reporting, asset classification and provisioning through adoption of International Financial Reporting Standard 9 as single standard supported by enhanced transparency through mandatory disclosure of audited financial statements for banks, other financial institutions and corporate entities in Mongolia. AmCham Mongolia’s Position Paper […]
AmCham Mongolia’s objective is to promote trade and investment between Mongolia and the United States and to improve Mongolia’s business environment. Part of our strategic approach to achieve this is to remain strongly engaged in direct advocacy for better investment, legal and regulatory policy and working closely with our members and key policy makers in order to address these important and highly relevant issues. Below is a list of our advocacy projects we have developed, along with our members, which have successfully contributed to the promotion of a healthy business environment in Mongolia.
The American Chamber of Commerce (AmCham) in Mongolia successfully organized its fourth annual U.S. Trade Mission to Washington, D.C., from June 12-14, 2017, under the leadership of the Honorable Jennifer Zimdahl Galt, United States Ambassador to Mongolia. The Trade Mission, AmCham’s largest yet, was also attended by senior Mongolian government representatives, including Minister for Foreign […]
This guide provides an overview of the presidential election process in Mongolia, the mandate of the president, a summary of the latest discussions to revise the president’s mandate, and scenarios for the election’s possible outcomes. This guide is for general reference purposes only. A Brief Guide to Mongolia’s Presidential Election
This Guide provides some background on the U.S.-Mongolia commercial relationship, emerging policy issues, and basic information about how to do business in the U.S. This is for general informational purposes only and is not intended to serve as a definitive reference for companies interested in doing business in the United States. AmCham Mongolia’s Brief Guide […]
AmCham Mongolia 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 of the view that a large number of Mongolia’s social, economic and health issues can be addressed through a growing and strong private sector and that […]
AmCham Mongolia’s Position Paper to Promote a Publically Safe and Environmentally Friendly Auto and Machinery Industry in Mongolia
The American Chamber of Commerce in Mongolia has identified a few priority policy issues relevant to the auto and machinery industry in Mongolia and proposes short-and-medium term policy solutions based on emerging international experience. Auto Machinery Position Paper_EN Auto Machinery Position Paper_MN
The recent boom and bust cycle of the mining industry led to a record increase of FDI and an influx in the number of international executives establishing businesses in Mongolia. However, policy missteps of the government combined with the decline of global commodities’ prices led to a significant decline in FDI and withdrawal of investors. […]
The American Chamber of Commerce (AmCham) in Mongolia recognizes that the minerals resources sector is the backbone of Mongolia’s economy and this is not expected to change anytime soon. However, economic diversification is vital to Mongolia’s long-term economic growth whereby the energy sector, in particular the renewable energy, will play a critical role. AmCham Mongolia’s Position Paper on […]
AmCham Mongolia supports the Government’s vigorous efforts towards economic diversification. Improving the competitiveness of the agricultural sector, a pillar of Mongolia’s economy, is of critical importance to Mongolia’s economic diversification. AmCham Mongolia has developed this position paper, including a set of policy recommendations, to encourage such improvements. AmCham Mongolia’s Position Paper on Agriculture Sector Development
The American Chamber of Commerce in Mongolia Recommendations from the Intellectual Property Rights Committee
Throughout 2015 AmCham Mongolia convened a series of Intellectual Property Rights (IPR) Committee meetings and organized a Public Private Dialogues (PPD) to develop specific recommendations for the Intellectual Property Office of Mongolia (IPOM) to improve enforcement of IPR in Mongolia IPR Committee Recommendations_Jan2016_EN IPR Committee Recommendations_Jan2016_MN
AmCham Mongolia’s 2016 action plan is to encourage Mongolia’s development through private sector led economic growth, advocating for a level playing field for American businesses in Mongolia, and advancing commerce and trade between the United States and Mongolia. AmCham Mongolia’s Roadmap for Growth 2016_English AmCham Mongolia’s Roadmap for Growth 2016_Mongolian
AmCham Mongolia Nationwide Survey Report-ENGLISH AmCham Mongolia Nationwide Survey Report-MONGOLIAN
LAW OF MONGOLIA
Article 1. Purposes of Law
1.1 The purposes of this Law are:
1.1.1 to regulate the resolution of disputes by means of international and domestic arbitration in Mongolia;
1.1.2 to encourage the use of arbitration as an agreed method for fair resolution of disputes by an impartial and independent tribunal without unnecessary delay or expense;
1.1.3 to ensure that the parties are free to agree how their disputes are resolved, subject only to such safeguards as are necessary in the public interest;
1.1.4 to limit the scope for intervention by the courts in arbitration, except as so provided in this Law;
1.1.5 to promote consistency between the international and domestic arbitral regimes in Mongolia, except as so provided in this Law;
To secure Mongolia’s sustainable economic growth and reignite American investors’ confidence in Mongolia, AmCham Mongolia focuses on three issues:
I. Promoting a Fair and Stable Business Environment
Constant change in government policy erodes investors’ confidence. Investors want stability and clarity on policies and regulation. Specifically, the government needs to demonstrate its willingness to uphold the sanctity of contracts and rule of law. When trust is regained, risk is reduced and investors will be more willing to invest in Mongolia. Specific policies to promote a fair and stable business environment are:
1. Ensure consistent application of the new Investment Law. The effective implementation of this Law is subject to further regulations to be issued by the Government. Investors’ confidence depends on consistent application of the Investment Law and a stable operating environment.
As part of its mission, the American Chamber of Commerce in Mongolia is keen to support constructive suggestions for the improvement of the business environment in Mongolia. We recognize that the Government of Mongolia is facing many important and grave matters for the prosperity of all Mongolians. There are many complex national matters that will require sustained efforts and sophisticated solutions.
Trade between the U.S. and Mongolia is steadily growing since the establishment of diplomatic relations between the two countries. Bilateral trade has soared from almost nonexistent in early 1990 to over $665 million in 2012. Due to the economic growth prospects of Mongolia in the coming years, it is estimated that the bilateral trade relations between the U.S. and Mongolia will significantly increase. However, one of the obstacles to this growth potential has become the fairness of Mongolia’s policies and practices regarding protection for intellectual property rights (IPR), which disincentivizes U.S. companies already or wishing to do business with Mongolia.
This circular is issued in the interim between the autumn and spring session of the State Great Khural. Such interim periods typically experience an increase in discussions about proposed new legislation and the amendment of existing laws in anticipation of the reconvening of the legislative authority. Certainly, the discussion about best global arbitration practices will provide the back-drop for an amendment of the Arbitration Law of Mongolia.