Business Council Promoting Private-Sector Growth
B. Byambasaikhan, Chairman, Business Council of Mongolia, Managing Partner, NovaTerra LLC discusses the organisation’s goals.
European Times: What are the priorities of the Business Council?
B. Byambasaikhan: BCM has 270 members, among them Mongolian and international companies, ranging from SMEs to large corporations, that are doing business in Mongolia. My company NovaTerra is a member of BCM. We all promote more business for our members, and share a vision of ensuring a positive business climate here in Mongolia. We interact with the government and the private sector in a transparent way to represent the interests of Mongolia’s business community. For example, if there is a draft law that would impact the business environment, our members study it, discuss it and provide feedback to parliament. We also produce email newsletters and organise training programmes, trade shows, conferences and other events. BCM started in 2007 with 35 members, and our goal is to reach 500 in the next few years. We voice our members’ concerns and ideas to government leaders. We want our government to be efficient and transparent. We will take care of the rest.
European Times: How would you describe the Mongolian economy today?
B. Byambasaikhan: Mongolian economy has grown 10 times in the past 10 years and is expected to achieve double-digit growth beyond 2020. With democracy, every Mongolian has the chance to be successful in business. There is still a lot of investment needed in Mongolia, and if we can attract this investment, jobs will be created and people’s lives will improve. The economy will continue to grow. For example, everyone in Mongolia now has a cell phone, and it will be the same for every new high-tech product offered here. Energy is another sector in Mongolia that will be booming soon. It is facing a crisis at the moment and therefore it is a huge opportunity for investors. We have many resources that are underexploited, so there are many opportunities for development. We need to transform our challenges into assets.
European Times: Why should investors choose Mongolia?
B. Byambasaikhan: Mongolia offers access to a market of more than two billion people, so it is a great location for business. We offer a favourable tax system and excellent human resources thanks to our young, well educated and multilingual population. Mongolia also has a wide range of high-potential opportunities in many sectors, and the country welcomes international investors who will bring in new technologies and know-how and create more jobs. Investors understand the risks of an emerging economy and know how to manage those risks. If you have a business idea, come to Mongolia.