Ene hunii niitleliig unshlaa. Mongold yu heregtei baigaa tuhai 1 paragraph baina, uuniig hiij chadval manaid horongo oruulah sonirholtoi humuus nemegdeh tuhai bichsen baina.
Uund tsagaan zahtanguudaasaa tornii tsaana suulgah heregtei gesen baigaa yum. Mon bolovsroliin systemdee oorchlolt oruulj business, construction, mining engineeringg hogjuuleh gesen sanaa baina. (Doorhi niitleliin suuliin2 paragraph) Bi uun deer nemeed magadgui high, nano, bio technology, clean technology gesen chigleluudiig nemeh heregtei gej bodoj baina. Delhiitei hol niiluulj alhmaar l baival edgeer salbart anhaarah horongo hayah n zailshgui shaardlagatai.
Yer n hogjingui ornuud technology, better service gesen yumaar l hogjij bui ornuudaa onoog hurtel shulsaar baigaag anhaaraad manai uls ch bas edgeer deer anhaaral handuulah heregtei gej bodoj baigaa yum.
The global financial crisis hit hard in Mongolia, forcing everyone from goat herders to mineral prospectors to tighten their belts. But the crisis did at least accomplish something pleasantly unexpected: It forced lawmakers to abandon repressive taxation to attract investment.
Ulan Bator didn't have a choice. The country's wealth resides in its vast reserves of copper, gold, silver and high-quality coal, among other minerals. In 2006 the local legislature, the Great Hural, enacted a 68% windfall tax on copper exports priced at $2,600 per ton or above and gold exports at $500 per ounce or above. Lawmakers thought the levy would swell public coffers. It had the opposite effect. Mining companies put their operations on hold, gold was smuggled out of the country and foreign investors fled. Not only did tax revenue stop flowing but fewer companies were around to contribute, as the tax burden forced many into a state of semi-hibernation. Then the boom times ended and Mongolia found itself hit by the financial crisis, too.
So in a moment of clarity, the legislature scrapped the tax late last month. Money is now pouring into the country. Canada's Ivanhoe Mines and Australia-based Rio Tinto are expected to ink soon a major deal to exploit the massive Oyu Tolgoi copper and gold mine. In the deal as currently structured, the government would receive a $250 million advance against any future royalties and taxes. The next project in the pipeline is Tavan Tolgoi, said to be the world's largest undeveloped coal deposit, with 6.5 billion tons of coal. Several mining companies have submitted bids, including a consortium of Russian energy companies, Shenhua and Peabody Energy.
But Mongolia can't rest on its laurels. There is much more the government can do to attract investment, starting with a badly needed upgrade to the country's sagging, Soviet-era domestic infrastructure. To date most governments have preferred to spend money on populist handouts rather than on productivity-
enhancing public works.
Ulan Bator also needs to get tough on corruption and law enforcement. Transparency International ranks the country 99th out of 179 countries and officials are on the take at every level of society, particularly mid-level bureaucrats. Some improvements have been made, such as the creation of an anticorruption task force, but laws still need beefing up to put white-collar criminals behind bars. Finally, Mongolia needs to modernize its educational system to provide training in business, construction and mining engineering. Mongolians need their own operational and financial expertise to properly support the supply chain around mines.
Underlying all of this is the assumption that Mongolia will continue to be an open market and friendly to investors from anywhere in the world. Scrapping the windfall profits tax is a good start. Now the real effort begins to build the country, and build it responsibly.
Source Wallstreet journal.
http://online.wsj.com/article/SB10001424052970203917304574416102290751052
No comments:
Post a Comment