ULAN BATOR, Feb. 1 (Xinhua) -- The Mongolian government on Wednesday decided to establish an agency for investment and trade to attract more foreign investors, Mongolian Minister of Economy and Development Chimed Khurelbaatar briefed media after a regular government meeting.
The agency is committed to attracting foreign investment, protecting legal interests of investors, and developing trade in Mongolia, said Khurelbaatar.
Mongolia is rich in natural resources, and foreign direct investment (FDI) in the mining sector has been one of the main drivers of the country's economic growth.
However, FDI inflows to Mongolia have declined significantly in recent years due to factors like political instability and the COVID-19 pandemic.
The landlocked Asian country attracted 800 million U.S. dollars of FDI in the period of the first eight months of 2022, according to the Mongolian Ministry of Economy and Development. ■