MONGOLIA, on Tuesday received $1.56 billion in foreign direct investment (FDI) in the first 10 months of 2019, the country’s central bank said.
The Director-General of Research and Statistics Department at the Bank of Mongolia, Batmunkh Batdavaa, said the figure was down six per cent compared to same period in 2018.
“The Oyu Tolgoi copper-gold mine in the southern Gobi Desert single-handedly attracted around 80 per cent of the total FDI in the January/October period.
“For FDI, the dependence on the single project has been increasing the economic vulnerability of the country.
“ Therefore, our country needs to diversify its investment and exports, attract more investment and increase foreign exchange reserves to ensure economic stability,’’ Batdavaa said.
Ownership of the Oyu Tolgoi mine is shared by the Mongolian government, which has a 34 per cent stake, and the Canadian mining company, Turquoise Hill Resources, with 66 per cent.
The mine is expected to produce an average of 425,000 ounces (12,050 kg) of gold and 430,000 tons of copper annually for 20 years.
Mongolia is rich in natural resources, with FDI in the mining sector being one of the main drivers of the country’s economic growth. (Xinbhua/NAN)
– Dec. 17, 2019 @ 12:55 GMT |