This Memorandum Of Understanding (hereafter referred to as “MOU”) is concluded by the National Development Agency and the Business Council of Mongolia (together hereafter referred as “PARTIES”), in order to stabilize the Mongolian investment policy, improve its competitiveness, improve related legal environment, incorporate the proposals by entrepreneurs in formulation of a public-private partnership policy, and to promote favorable conditions of the local market to investors.
One. General Provision
1.1. The objective of this MOU is to regulate measures to be implemented within the framework of cooperation between the Parties, in relation to improving the investment environment of Mongolia and relevant legal environment, supporting investors and opening up opportunities for them to enter into Mongolian markets.
1.2. The cooperation of the Parties shall be governed by the principles of independence, rule of law, mutual respect and transparency.
Two. Implementation
The following measures shall be taken within the framework of the cooperation between the Parties:
2.1. To study international investment practices and legal regulations, and to exchange views on relevant laws, rules, and procedures for development of necessary documents and renewal of existing documents;
2.2. To provide support and services to protect legitimate rights and interests of investors;
2.3. To cooperate on attracting investment by promoting opportunities to enter into Mongolian markets to foreign investors and to promote Mongolia abroad;
2.4 To exchange information on improving the investment climate and to cooperate in introducing international practices in Mongolia;
2.5 To provide support on translation of tax laws, other applicable laws, regulations and general rules, which apply to investors operating in Mongolia, from Mongolian into English;
2.6 The Business Council of Mongolia to support the development of a Investment Statement Policy and action plan;.
2.7 To Cooperate on the development of investment guidelines that will be used by foreign investors operating in Mongolia;
2.8 To activate and expand the operations of a public-private partnership committee by serving as a coordinator, representative from the private sector;
2.9 To promote ‘Single-point service center’ to foreign investors and member organizations, and to act supportive to.
Three. Miscellaneous
3.1. The MOU shall be executed in two original copies, which are effective upon signing by both parties for 2 years.
3.2. The parties shall make quarterly assessments of the implemented measures within the period of validity of the MOU, and if deemed necessary, amendments may be made upon mutual consensus.
3.3. The MOU may be terminated within two months upon mutual consensus after a party notifying other party in written..
3.4. A proposal for MOU extension or renewal shall be submitted in written at least three months before the expiration of the MOU.
3.5. Any rights, duties and responsibilities, and relations of the parties in relation to actions and functions to take place within the scope of the MOU shall be regulated by an agreement to be established between the parties.
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