Mongolian Foreign Minister Luvsanvandan Bold and Minister for Foreign Affairs have announced a five-year, $20 million program to assist the sustainable development of the resources sector in Mongolia.
“Like Western Australia, Mongolia’s economy is driven by mining and resources. The Australia-Mongolia Extractives Program will utilise Australian expertise in Mongolia to help ensure the benefits of the mining sector are spread across its entire population.” Minister Bishop commented.
Minister Bishop explained that releasing Mongolia’s fledgling mining industry from a failed mining tax has greatly benefited the economy. Australia is pledging to support the Mongolian Government with financial assistance and expertise that will improve governance in the mining sector, opening their economy up to international investment and development opportunities.
Minister Bishop pointed out that the Australian Government’s existing $5 million partnership with the World Bank is also presently helping to strengthen management of groundwater resources in the southern Gobi region.