Cabinet approves discussing draft law on Promoting industrialization

Ulaanbaatar /MONTSAME/ The Cabinet of Ministers adopted the concept on Monday and obligated the Minister of Industry D.Erdenebat to complete the draft law on Promoting Industrialization and submit it for a Cabinet discussion. The fact that 97 percent of Mongolian products for exports are gone through primary procession indicates the need to improve the processing and technological capacities of this sector. As for agricultural products, the most processed products are with 10-30 percent procession level. Therefore, developing an investment-efficient and value-added industry must be promoted through policy, considered the Ministers. The concept of the draft law outlines policy promotions as follows: One-time credit for ten years, free of interest and equivalent to 50 percent of the technological investment, for the national manufacturer which exports more than 60 percent of its production; One-time benefit from the Government, to a national manufacturer who introduced and localized new high-tech and know-how, equivalent to 75 percent of what the manufacturer spent for the technological innovation.