“Runaway public spending, authorised by politicians with their eye on the election, has been responsible for about half the11 per cent inflation. The central bank has been left to clean up the mess.”
N.Zoljargal, Deputy Governor at the Bank of Mongolia.
“There may be political uncertainty in Mongolia before the elections but one thing is certain: after it, investors and hot money will rush into the country. Some may worry about issues such as resource nationalism, but Mongolia has a level head.”
Masa Igata, CEO Frontier Securities.
“Many decisions are pending and negotiations have been stalled as various suggestions have to be considered with care. We are a democracy and there should be different opinions.”
S. Batbold, Prime Minister.
“Construction of the rail project must start this year. I believe that despite national elections the decision will be made soon. The extra profits will stay in the country, and higher profits for companies means higher taxes for the State. Thus, railway transportation of minerals is good for the country.”
Dr. G. Battsengel, CEO, Mongolian Mining Corporation.
“As the June Parliamentary elections near, the rights to Mongolia’s vast store of natural resources is becoming an even greater political issue. Uncertainty concerning just how far politicians are willing to move toward resource nationalism in an effort to win votes is understandably raising Mongolia’s political risk factor in the eyes of resource investors.”
Resource Investment News.
“Since leaving the Soviet Union, Mongolia has zigzagged between privatization and nationalization.”
Dexter Roberts, Asia News Editor at Bloomberg Businessweek.
“Each important historical step promises success but also involves risks.”
“Each job created at the mining sector creates another four jobs elsewhere in the economy.Without the mining boom, we probably wouldn’t see the formation of Bloomberg TV in Mongolia, the opening of international hotel chains such as Ramada, the luxury retailers such as Louis Vuitton, or the investment of Goldman Sachs in Trade & Development Bank.”
Bernard Guarnera, President of the BehreDolbear Group.
“Mongolians are purchasing meat with wages that Africans get and at prices that are the same as in US and European countries. We also need to address wage disparities between foreign and domestic workers who hold the same jobs.”
S.Ganbaatar, President of Confederation of Mongolian Trade Unions