ULAN BATOR, Dec. 28 (Xinhua) -- Mongolia's Mining Ministry will revise a controversial investment law to improve the country's investment environment for foreign investors, local media said on Friday.
The strategic investment law, adopted by the parliament in May, stipulates that foreign investment in strategic sectors that exceeds 100 billion Mongolian tugriks (over 70 million U.S. dollars) should get approval of the Mongolian government.
Mongolian Mining Minister D. Gankhuyag has told local media that the government will revise the law by raising the amount of investment that needs governmental approval.
The minister added the 100-billion-tugrik requirement is too strict for foreign investors and his ministry plans to raise this amount by three to four times.
It is widely believed that the adoption of the investment law has worsened Mongolia's investment environment by imposing stricter conditions on foreign investment. The law reflected the country's intention to develop its rich mineral resources by itself.
Mongolian President Tsakhia Elbegdorj also expressed his disatisfaction of the law in an interview with the country's state-run Mongolian National Public Television, saying the law has made Mongolia's investment environment unfavorable for foreign investors.
Mining, banking and finance, media, information and communications are considered strategic sectors in Mongolia by the law on investment.