Mongolia revises its regulatory framework for foreign and domestic investment

Further to our recent client note on the proposed amendments to the investment regime in Mongolia, we wish to update our clients that on 3 October 2013, Parliament approved the Law of Mongolia on Investment ("Investment Law") along with other supporting amendments. The official version of the Investment Law was made available on the Mongolian Parliament's website on 30 October 2013.

The Investment Law comes into effect on 1 November 2013 and replaces the Law of Mongolia on Foreign Investment, enacted on 10 May 1993, as amended ("Foreign Investment Law") and the Law of Mongolia on the Regulation of Foreign Investment in Business Entities Operating in Sectors of Strategic Importance, enacted on 17 May 2012, as amended ("SFI Law").

As expected, the Investment Law eases the regulatory approval requirements for foreign private investment and streamlines the registration process for foreign direct investment. Further, it sets out certain legal guarantees and incentives so as to promote investment activities in Mongolia.

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