Prime Minister of Mongolia, Zandanshatar Gombojav, met with members of the Economic Development Board on August 5, 2025. During the meeting, he emphasized the government’s plan to make the Economic Development Board a permanent body. This decision reflects the government’s dedication to improving Mongolia’s economic landscape.
To begin with, the Prime Minister stressed the importance of the private sector in driving reforms. He highlighted the need for closer cooperation with taxpayers, researchers, and scholars. This partnership will focus on improving budget and tax policies. Furthermore, the government is preparing several key legislative drafts. Among them are the Comprehensive Tax Package Law and the Law on Supporting Wealth Creators. These drafts will be submitted to Parliament during the autumn session.
Lkhagvajav Baatarjav, President of the Mongolian National Chamber of Commerce and Industry (MNCCI), discussed Article 6.2 of Mongolia’s Constitution. He pointed out that the law requires fair and equitable distribution of benefits from natural resources. Additionally, the article emphasizes long-term development and environmental protection. Baatarjav called for clearer explanations of this provision to attract more investors.
Similarly, Tumentsogt Tsevegmid, Chairman of the Business Council of Mongolia, spoke about improving the legal environment. He argued that adopting global best practices would increase investor interest. Tsevegmid believes this step is crucial to meet both domestic and international investor needs.
Moreover, Tselmuun Nyamtaishir, President and CEO of Mongolyn Alt LLC, addressed challenges in the mining sector. He urged the government to create flexible and transparent regulations to help businesses thrive. Board members also raised concerns about social insurance distortions and inconsistent Value-Added Tax Law enforcement. They suggested legal reforms to enhance fairness for businesses.
Prime Minister Zandanshatar declared that the voices of business leaders, associations, and scholars must influence legal reforms. He explained that the Economic Development Board’s active role will be vital in this process. Therefore, the government resolved to institutionalize the Board as a permanent body.
Additionally, the Prime Minister instructed Minister of Finance Javhlan Bold to share legislative drafts with the Board for feedback. He also called for transparency regarding rejected proposals. The Prime Minister emphasized that the Board’s recommendations must lead to real policy changes and concrete actions.
Representatives from the MNCCI, the Business Council of Mongolia, the American Chamber of Commerce, and key business enterprises attended the meeting. Finance and economics scholars also participated, showing broad support for the Board’s institutionalization.
In conclusion, Mongolia’s Economic Development Board will now play a permanent role in shaping the country’s economic policies. This change aims to ensure that reforms remain effective and inclusive, benefiting both businesses and the wider economy.
