MINISTER OF ECONOMIC DEVELOPMENT REPORTS AT “HOURS OF CONSTRUCTION” MEETING

Ulaanbaatar /MONTSAME/ The Minister of Economic Development N.Batbayar gave a report at the “Hours of great construction” weekly meeting on a course of the cabinet’s measure of accepting projects on increasing export and import substitution industrialization (ISI). The cabinet has received 1,151 projects so far, and 59 projects of them are duplicated in terms of contents, and two of them are too expensive to realize. Moreover, 200 projects do not meet the key purpose, so 888 projects fully satisfy the conditions for supporting the export and ISI, the Minister said. The most expensive project requires MNT 285 billion, whereas the cheapest project costs MNT 5 million, he noted. The projects on the export accepted by the cabinet can be divided into seven sectors--processing of minerals, heavy industry, processing of livestock raw materials, food industry, light industry and construction material production. Majority of the projects on the ISI involve the sectors of construction material productions, food industry, light and heavy industries, the Minister said, adding that it has been project 40 thousand job places will be created if these projects are realized. Regarding the credit terms of the project, the Minister reported that a loan will be given in Mongolian togrog (MNT). The loan period will be five years, and interest rate will be less than 9%, he said.