About Us:
Path to Prosperity Project Mongolia
Path to Prosperity Project Mongolia
World Growth’s Path to Prosperity Project in Mongolia is a Working Group of individuals and organizations who believe in harnessing the untapped human and economic potential of Mongolians to build a more prosperous future with strong institutions and policies.
The Principles of the Path to Prosperity Project
1. Good Governance
The Principle of Good Governance supports and fosters the development of the sound public policies that unlock the potential of people; promote transparent government practices and accountability at all political levels.
2. Economic Freedom
The Principle of Economic Freedom begins with promoting policies that foster economic growth, support free markets and open trade, capital inflows, foreign investment and investor protection.
3. Rule and Stability of Law
The Principle of Rule and Stability of Law begins with promoting the ideal that all people are equal under the law and by promoting transparent government practices and laws that will build strong confidence of citizens in government institutions.
4. Property Rights
The Principle of Property Rights supports the development and expansion of property rights for individuals, protection of assets and promotion of policies that advance the protection of property rights in general.
5. Environmental Interdependence
The Principle of Environmental Interdependence recognizes that economic development and environmental protection work hand-in-hand.
Mining
Mining presents Mongolian policy makers with opportunities and challenges. It involves questions of industrial and economic policy, transparent and good governance and environmental concerns.
Mongolia possesses some of the largest mineral deposits in the world. Future economic development in Mongolia will depend on the development of this key industrial sector. In 2006, mining activity contributed nearly $200 million in foreign direct investment compared to just $40 million in 2002. The mining sector provides Mongolia the resources to raise living standards, create jobs, attract foreign investment, generate new tax revenues and position Mongolia as the global leader in mining.
In World Growth’s view, the debate on mining has been too limited in scope, failing to take into account the benefits this sector can bring to the people of Mongolia. According to the Mongolian Foreign Investment and Foreign Trade Agency, 48.4 percent of all foreign direct investment in 2006 was in the mining sector.
Yet, for Mongolia to develop a robust mining industry will require effective regulatory policy that clearly defines the appropriate role for the government in mining projects, builds confidence in Mongolia by foreign investors and supports good labor practices.
Environment
Protecting the environment is essential, especially in a country like Mongolia, where so much of the economy is based on agriculture and where the mining industry is emerging with such promise.
In 2007 alone, Mongolia’s economic growth was driven primarily by the agricultural sector according to the World Bank. Accordingly the World Bank reports that the annual livestock census in December 2007 reported an increase of 15 percent in livestock to over 40 million now that includes goats, sheep and cattle in Mongolia. This marked increase must be met with appropriate environmental policies that protect the environment.
In World Growth’s view, support for the environment must be a priority given the importance of agriculture to the overall economy and as mining operations across the country get underway.
We believe a robust mining industry can work hand-in-hand with the agriculture community to support and protect the environment for future generations to come.
World Growth believes a policy framework can be constructed that embraces the protection of the environment and support for mining as these two focus areas can work together which in the end, will support economic growth, improve governance and lay the foundation for a bright and prosperous Mongolia for years to come.
The Principles of the Path to Prosperity Project
1. Good Governance
The Principle of Good Governance supports and fosters the development of the sound public policies that unlock the potential of people; promote transparent government practices and accountability at all political levels.
2. Economic Freedom
The Principle of Economic Freedom begins with promoting policies that foster economic growth, support free markets and open trade, capital inflows, foreign investment and investor protection.
3. Rule and Stability of Law
The Principle of Rule and Stability of Law begins with promoting the ideal that all people are equal under the law and by promoting transparent government practices and laws that will build strong confidence of citizens in government institutions.
4. Property Rights
The Principle of Property Rights supports the development and expansion of property rights for individuals, protection of assets and promotion of policies that advance the protection of property rights in general.
5. Environmental Interdependence
The Principle of Environmental Interdependence recognizes that economic development and environmental protection work hand-in-hand.
Mining
Mining presents Mongolian policy makers with opportunities and challenges. It involves questions of industrial and economic policy, transparent and good governance and environmental concerns.
Mongolia possesses some of the largest mineral deposits in the world. Future economic development in Mongolia will depend on the development of this key industrial sector. In 2006, mining activity contributed nearly $200 million in foreign direct investment compared to just $40 million in 2002. The mining sector provides Mongolia the resources to raise living standards, create jobs, attract foreign investment, generate new tax revenues and position Mongolia as the global leader in mining.
In World Growth’s view, the debate on mining has been too limited in scope, failing to take into account the benefits this sector can bring to the people of Mongolia. According to the Mongolian Foreign Investment and Foreign Trade Agency, 48.4 percent of all foreign direct investment in 2006 was in the mining sector.
Yet, for Mongolia to develop a robust mining industry will require effective regulatory policy that clearly defines the appropriate role for the government in mining projects, builds confidence in Mongolia by foreign investors and supports good labor practices.
Environment
Protecting the environment is essential, especially in a country like Mongolia, where so much of the economy is based on agriculture and where the mining industry is emerging with such promise.
In 2007 alone, Mongolia’s economic growth was driven primarily by the agricultural sector according to the World Bank. Accordingly the World Bank reports that the annual livestock census in December 2007 reported an increase of 15 percent in livestock to over 40 million now that includes goats, sheep and cattle in Mongolia. This marked increase must be met with appropriate environmental policies that protect the environment.
In World Growth’s view, support for the environment must be a priority given the importance of agriculture to the overall economy and as mining operations across the country get underway.
We believe a robust mining industry can work hand-in-hand with the agriculture community to support and protect the environment for future generations to come.
World Growth believes a policy framework can be constructed that embraces the protection of the environment and support for mining as these two focus areas can work together which in the end, will support economic growth, improve governance and lay the foundation for a bright and prosperous Mongolia for years to come.