DRAFT AMENDMENT TO LAW SUBMITTED

Ulaanbaatar /MONTSAME/ A Head of the Cabinet Secretariat of Government Ch.Saikhanbileg submitted Wednesday to Vice Speaker M.Enkhbold a draft amendment to the law on regulating foreign investments to enterprisers running at the strategically important sectors. The adopted last year's May law stipulates that majoring in such sectors enterprises must get a related permission from the State Great Khural if its investor's shares exceeds 49 percent and investments exceeds MNT 100 billion. In reality, this causes difficulties, for example, the enterprisers do not want to submit their reports on investments, parliament has to discuss every detail such as mining drilling and transporting and others, a business does not have an appropriate environment, Ch.Saikhanbileg said. For these reasons he wants to write off the clause on the threshold of MNT 100 billion of investments and to reflect a clause about parliament's deciding the 49 percent of investor's amount only for the state-owned and for parastatal enterprisers. The draft law is also expected to facilitate for foreign companies a process of taking permission for direct investments. B.Khuder