D.Sainbayar, Vice President-Energy, General Manager-Business Development of Monnis International : We need to protect our Economy
D.Sainbayar, Vice President-Energy, General Manager-Business Development of Monnis International : We need to protect our Economy
- Congratulations. What is it that made you the owner of this prize?
- This year we are ranked as 12th on the list ofTop 100 Enterprises of Mongolia by the Mongolian National Chamber of Commerce and Industry. In year of 2011, we have created 500 jobs, and transferred 43 bln MNT to the State Budget. - In your opinion, is the environment for conducting business in Mongolia, favourable?
- We would like you to convey an appeal to the state institutions. The economy of the country is always built and carried on by larger national companies. We must develop policies aimed at protecting the economy, improving the capacity of domestic human resources. There is a necessity of adoption of a law, which will set a requirement of forming joint ventures with local companies to those foreign companies who wish to incorporate in Mongolia. We need to learn from our neighbors China and Russia, Arab countries and other developed countries.
Today, a company with 100% foreign investment conducts his business in Mongolia, pays a mere 10% tax and takes all the profit away out of Mongolia. We need to ensure that a foreign company when invests and creates value in Mongolia, forms a joint venture with a local company. This will allow the Mongolian people and Mongolian experts gain experience and the entities will get a chance to acquire “know-how”. In other words, more monies will remain in Mongolia. In this way we can build the foundation of our future development.
- This year we are ranked as 12th on the list ofTop 100 Enterprises of Mongolia by the Mongolian National Chamber of Commerce and Industry. In year of 2011, we have created 500 jobs, and transferred 43 bln MNT to the State Budget. - In your opinion, is the environment for conducting business in Mongolia, favourable?
- We would like you to convey an appeal to the state institutions. The economy of the country is always built and carried on by larger national companies. We must develop policies aimed at protecting the economy, improving the capacity of domestic human resources. There is a necessity of adoption of a law, which will set a requirement of forming joint ventures with local companies to those foreign companies who wish to incorporate in Mongolia. We need to learn from our neighbors China and Russia, Arab countries and other developed countries.
Today, a company with 100% foreign investment conducts his business in Mongolia, pays a mere 10% tax and takes all the profit away out of Mongolia. We need to ensure that a foreign company when invests and creates value in Mongolia, forms a joint venture with a local company. This will allow the Mongolian people and Mongolian experts gain experience and the entities will get a chance to acquire “know-how”. In other words, more monies will remain in Mongolia. In this way we can build the foundation of our future development.