Business Council of Mongolia, NewsWire Highlight. In a public address in Ulaanbaatar last week, Dr. Juan Jose Daboub, the World Bank’s managing director for operations in 74 countries, said, “Mongolia has managed the transition of its economy and politics since 1991 very well, but the impact on the country of the present global economic crisis has revealed the need for continued reforms.” During a three-day visit to Mongolia Mr. Daboub met Government officials, parliamentarians, members of the business community, civil society, and other development partners, in addition to seeing first-hand how the crisis has hit the most vulnerable in Ulaanbaatar as well as in Mongolia’s outlying rural communities. Referring to the possible contribution of the mining sector to the economy, Mr. Daboub said, “From my conversations, it is clear to me that there is a common vision and a strong desire to develop the mining sector in a sustainable and transparent way in order to benefit present and future generations of Mongolians. We stand ready to continue to support the authorities in this endeavor.”
In his meetings with representatives from the civil society and the private sector, Mr. Daboub highlighted the important role of the private sector as creator of sustainable jobs, growth and development.
“With the global economy in recession and credit flows still tight, small countries like Mongolia more than ever need to ensure that they maintain transparent, efficient and competitive business environments to attract private investment. Our private sector arm IFC is present in Mongolia and actively pursuing investment opportunities,” he said. Underlying the importance of good governance, he commented that stronger institutions and transparent mechanisms that enhance public awareness and oversight are the best allies in the fight against corruption.
“I have seen in the eyes and smiles of Mongolian children optimism and determination to take destiny into their own hands for a better future. We will support the government and work with it to create the opportunities they need and deserve.” he said. “There is potential in this great nation and I believe that once the dust settles from this economic storm Mongolia’s march will continue. The World Bank stands ready to accompany Mongolians in their path to prosperity,” he said as a final word.
Source: www.worldbank.org.mn
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