Oyu Tolgoi Agreement Marks Vital Milestone in Country’s Development, Boosting Economic Opportunity and Job Creation
ULAANBAATAR, Mongolia--(BUSINESS WIRE)--Today, World Growth International and World Growth Mongolia applaud the Government of Mongolia for signing a landmark mining agreement to develop Oyu Tolgoi. The accord -- which enables Rio Tinto and Ivanhoe Mines to develop the Oyu Tolgoi mining project in the Gobi region of southern Mongolia -- represents a major step forward for Mongolia in developing its mineral resources and spurring economic opportunities for its citizens, including:
- Attracting international investors and world-class companies with the highest mining technology standards;
- Generating a higher, more reliable revenue stream for Mongolia’s treasury;
- Supporting local entrepreneurs who run small and medium-sized businesses; and
- Marking a key step toward the path to prosperity for Mongolia.
Former Chairman of the GATT Contracting Parties and chairman of World Growth International Alan Oxley explains, “World Growth is pleased to support Mongolia, its leaders and its people, at this important moment in the nation’s history. This agreement represents a cornerstone for future growth, providing a strong foundation for building a meaningful and productive commercial mining sector in Mongolia.
“By opening access to their country’s natural resources, Mongolia’s leaders will help spur new investment, attract capital from foreign investors, encourage continued mineral exploration, deliver sustainable revenues to the national treasury and create new prosperity for all Mongolians.”
Chairman of the World Growth Mongolia’s Independent Advisory Board, H.E. Ts. Gombosuren -- a former Mongolian foreign minister -- comments, “The approval of the Oyu Tolgoi project is an important milestone in developing a productive commercial mining sector that will ensure that all Mongolian people benefit and prosper from this resource that has blessed our land.”
Dr. Robert Shapiro, former Under Secretary of Commerce for Economic Affairs under United States President Bill Clinton and Chairman of Sonecon, LLC, has examined and analyzed Mongolia’s mining sector for World Growth. In his view, “The signing of the Oyu Tolgoi project will help Mongolia attract other foreign investors and multinational companies to invest in its economy. International investors will be able to view Mongolia as a stable place to do business and make investments.”
Jackson Cox, Executive Director of the World Growth Mongolia program and former country director for the International Republican Institute in Mongolia, said “This is a huge day in the life of a remarkable country. In the early 1990’s Mongolia’s leaders took the bold step and established what is now a thriving democracy in the heart of Central Asia. Today, Mongolia takes yet another brave step forward in ensuring its people a new era of prosperity and opportunity.”
Ambassador Nancy Soderberg, a former Ambassador to the United Nations under United States President Bill Clinton, said, “This is an important step forward in achieving prosperity for all Mongolians. I commend the Government for its visionary leadership in concluding this important agreement. As these world class investments move forward, the people across Mongolia will begin to benefit and enjoy their rich resources."
To speak with World Growth’s experts or find out more about World Growth Mongolia, please contact firstname.lastname@example.org or +1-202-320-3965.
About World Growth Mongolia
Since establishing a presence in Mongolia in early 2008, World Growth Mongolia has been working to eradicate poverty, improve living conditions, and create new jobs and opportunities for the People of Mongolia. We do this by promoting and ensuring Economic Freedom, Good Governance, Rule and Stability of Law, Property Rights, and Environmental Interdependence. World Growth Mongolia launched an Independent Advisory Board comprised of Mongolia's most distinguished leaders to guide its projects and approach. This advisory board is chaired by H.E. Ts. Gombosuren, Mongolia's Foreign Minister from 1990-1996.
For more information on World Growth Mongolia, visit www.worldgrowth.mn or www.worldgrowth.org.