MONGOLIA is OPEN. for BUSINESS. Invest Mongolia Agency

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1 MONGOLIA is OPEN for BUSINESS Invest Mongolia Agency

2 WHY INVEST IN MONGOLIA 1. Large mineral resource base that can be leveraged for value added processing 2. Situated between two giant economies, China and Russia, Mongolia promises abundant opportunity for growth 3. Attractive FDI environment and trade through an open policy committed to reducing bureaucracy and corruption 4. Vibrant and flourishing democratic Government with stability since A large number of Industrial & Infrastructure mega projects open for investors to participate

3 Reason 1. LARGE MINERAL RESOURCE BASE Leading country in Mineral Resources Country Best Practice, Mineral Capacity Index MONGOLIA #1 Chile #8 Columbia #21 Vietnam #40 P.R China #45 All countries 96 Source: Fraser Institute Report,2013 Total coal exports are estimated to exceed 30 million tons at the end of 2015 once railway infrastructure is in place and is expected to further increase to 50 million tons by 2017 Operations at the Oyu Tolgoi deposit have commenced in 2013 and exports of its products began in July of These exports are expected to play a crucial role in total exports of Mongolia. Minerals Main Composition of Total Exports (1H2013) 7% 4% 10% 16% 17% 27% 20% Coal Copper Iron ores & Scrap Crude oil Zinc Gold Other Mongolia s World Class Mineral Reserves Main Mineral Resources Approved Reserves(2013) Copper (million tons) 84.1 Coal (billion tons) 26.8 Gold (thousand tons) 2.4 Zinc (thousand tons) Iron ore (mln tons) Uranium (thousand tons) 47.9 Rare Earth (thousand tons) 3,768 Conventional crude oil (mln barrel) 2,438 3

4 Reason 1. LARGE MINERAL RESOURCE BASE Strategic Deposits including Oyu Tolgoi and Tavan Tolgoi, world s largest untapped deposits Asgat Silver 6.4 mm tons Burenkhaan Phosphorite 300 mm tons Erdenet Copper/molybdenum 1.2 bln tons Boroo Gold mm tons Tumurtoi Iron ore mm tons Gurvanbulag Uranium mm tons Mardai Uranium mm tons Baganuur Coal mm tons Ulaangom Dornot Uranium mm tons Shivee Ovoo Coal mm tons Tavan Tolgoi Coal 7.4 bln tons Rashaan t Gantsmod jargalant Hushuut Tsahiurt Hotgor Choibalsan Ondorhaan Ulaanbaatar Hugshin gol Tamasagulag Tumurtein Ovoo Zinc 7.7 mm tons Tsagaan Suvarga Copper/ Molybdenum 10.6 mm tons Nariin Sukhait Coal mm tons Olonubulag Oyu Tolgoi Copper 37mm tons Gold 1,431 tons Mongolia s world class mineral reserves Estimated reserves by 2012

5 Reason 2. STRATEGIC LOCATION Situated between two massive economies, China to the south and Russia to the north, Mongolia promises abundant opportunity for growth. GDP 2012 in USD billions Population 2012 in millions RUSSIA US$ 2, MONGOLIA US$ 10 3 CHINA US$ 8, Korea US$ 1, JAPAN US$ 5,

6 Reason 3. ATTRACTIVE FDI ENVIRONMENT PROTECTING INVESTORS STARTING A BUSINESS REGISTERING PROPERTY ENFORCING CONTRACTS GETTING CREDIT According to the 2014 Doing Business report by the WORLD BANK, MONGOLIA is ranked 76 th progressing by four places compared to the previous year.

7 Reason 3. ATTRACTIVE FDI ENVIRONMENT US$ bln MONGOLIA CONTINUES TO GROW IN DOUBLE DIGITS % GDP growth, yoy% GDP at current prices, US$ bln Ministry of Economic Development forecasts Mongolia to continue in double digit growth in the coming years.

8 Reason 3. FDI continues to grow despite coal price Foreign Direct Investment into Mongolia USD mm 2010: Oyu Tolgoi construction budget of $758 million 2011: Oyu Tolgoi Progression : Oyu Tolgoi completion of first construction phase : Oyu Tolgoi discovers mineral deposit 2005: Oyu Tolgoi project receives approval 2012: Unfavorable coal market Total FDI Non-Mining FDI Source: Invest Mongolia Agency,

9 Reason 3. THE REVISED INVESTMENT LAW Effective Nov 1, 2013 Key features Eliminates approval system to foreign investors and replaces it with registration procedure. Promises the same guarantees and protections to both Domestic and Foreign Investors. Creates an independent agency to serve investors in many ways Reveals possible tax and non-tax state supports and incentives to investors Increases efficiency of investment facilitating a mechanism to follow up real projects in the economy First Legal Act including regional and sectors classification in order to diversify the economy as a whole. 9

10 Reason 3. THE REVISED INVESTMENT LAW The new investment law is aimed at reviving foreign investment by easing restrictions on investors in key sectors such as mining and by providing greater certainty on the taxes. Tax rate Tax Incentives Provided by the new Investment Law 10% 5% Tax-free economic zones VAT Corporate income VAT Corporate income Customs duty Royalty 10% 10% 5% 5% Source: Government of Mongolia, years 22 years 10

11 Reason 3. INVEST MONGOLIA AGENCY New Services to Investors 1. Provide integrated information 2. Guide Investors to business and public procedures 3. Organize Field Tours 1. Legal Consultancy 2. Project Management Consultancy 3. Aftercare assistance 1. Investment Research 2. Investment & Investors Database 3. Targeted Promotion & AD Campaign

12 Reason 3. ATTRACTIVE FDI ENVIRONMENT WTO member since 1997 Member of Multilateral Investment Guarantee Agency (MIGA) Avoidance of Double Taxation Agreement signed with 26 countries Mutual Protection and Promotion of Investment Agreement signed with 44 countries Bilateral Transparency Agreement signed with United Stated Joined to Asia-Pacific Trade Agreement (APTA) Negotiation for the Japan-Mongolia Economic Partnership Agreement (EPA) is at the last stage

13 Iceland Russia Tunisia Malaysia Mexico New Zealand Japan India Jordan Indonesia Saudi Arabia China Brazil United States Mongolia Austria Peru Ukraine Israel Australia Korea Kazakhstan Mongolia Canada Sweden United Kingdom Egypt Latvia Morocco Chile Poland Denmark Turkey Norway Kyrgyz Republic Switzerland Argentina Greece Belgium Lithuania Ireland France Slovak Republic Hungary Costa Rica Italy South Africa Czech Republic Luxembourg Portugal Slovenia Romania Netherlands Finland Spain Estonia Germany Colombia Reason 3. ATTRACTIVE FDI ENVIRONMENT The drop in FDI in 2013 is largely attributable to the completion of Phase 1 of the OT project as well as some changes to the strategic investment law of 2012 and other temporary factors. FDI Regulatory Restrictiveness Index (Closed = 1, Open = 0) After adoption of the Strategic Entities Foreign Investment Law, 2012 Potential after the new Investment Law Non-OECD Average OECD Average

14 Reason 4. DEMOCRATIC GOVERNMENT Tested with 7 consecutive successful democratic elections Free and Fair election system Less Domestic protests and Civil movement Stability-next elections are in 2016 and 2017 Member of 69 international institutions and entered 250 international agreements and pacts Peaceful and ultimately successful translation since 1990 to become a mature democracy over the last 20 years 14

15 Reason 5. MEGA PROJECTS The Development Bank of Mongolia provides loans to finance large scale development projects and programs 1 of Mongolia approved by the Parliament and the list of projects and programs to be financed shall be approved by spring session of the Parliament. Coal to Gas $10.0 bln New Development Medium Term Target Program Railroad Transportation Sainshand Industrial Complex Auto Roads and Energy Facilities Iron Ore Cluster $1.0 bln Railways $16.0 bln Coal to Liquids $2.5 bln Copper Smelter $2.0 bln Highways $0.46 bln Coal Washing $0.8 bln Oil Production $0.8 bln Subways $1.50 bln 15

16 Reason 5. MEGA PROJECTS 1 Industrial mega projects to utilize abundant coal resources in order to create value add and domestic sources of strategic products. Coal to Gas Plant 2 3 Coal Washing and Handling Coal to Liquid Plant Plant To increase energy efficiency and cut reliance on oil and gas imports To provide cleaner fuel sources vital for solving pollution in urban centers. The Project aims to create domestic source of petroleum products thus enhancing energy independence and security of supplies through the introduction of commercially proven, cutting edge technology in Mongolia. CHPP complex to be constructed as 2 x 10Mtpa modules, and commencement of construction in First module in June 2015, and second 5 mtpa in November CHPP ramping up to processing 20Mt of ROM by

17 Reason 5. CONCESSION PROJECTS In 2010, the Government approved the list of 121 concession projects. The Cabinet made amendments to the list of Concession projects (reduced to 56 projects). Major infrastructure projects such as Power plants, Railroads and Highways, infrastructure of Sainshand Industrial Complex; social sector projects The PPP project pipeline list is updated with more bankable and Government priority projects The new list consists of 51 projects submitted by line ministries and 5 projects submitted by private sector. Sectors Infrastructure 10 Road and transportation 16 Railway 1 Pipeline transport 1 Airport 2 Energy 13 Environment 3 Education 3 Health 2 Culture and sport 4

18 WHY INVEST IN MONGOLIA We WELCOME YOU to MONGOLIA a land of enormous OPPORTUNITY of political, economic, and legal STABILITY enabling mutual growth and PROSPERITY.

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