Mongolia's $30 Billion Mining Jackpot — Transcript

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1. 0:00it was hit hard by the world Financial
2. 0:02Crisis but Now with İTS vast reserves of
3. 0:04Copper Gold and Other minerals mongolia
4. 0:06is ready to Mount to turn around late
5. 0:09Last month the country's Parliament
6. 0:10scrapped a 68 windfall profit tax on
7. 0:13Copper and Gold and Now some economists
8. 0:15predict the riches that Come from the
9. 0:17country's first major mining Project
10. 0:19could Make mongolia the world's fastest
11. 0:21growing economy joining Us to Talk about
12. 0:24developments is the president of
13. 0:25mongolia Tea elv George Mr President i
14. 0:28want to Thank you very much for joining
15. 0:29Us on Taking stock and i Wanted to Start
16. 0:31by asking a question that You've
17. 0:33received from many recently about the
18. 0:35negotiations with İvan HES and Rio Tinto
19. 0:39You're Close i would İmagine at this
20. 0:41stage What's standing in the way at this
21. 0:43Point of getting the Deal Done i think
22. 0:46Now some logistics there are and in
23. 0:48coming week we will
24. 0:50have signed we will have signed
25. 0:53agreement so Within a week yeah Within a
26. 0:55week and This is obviously to Tap your
27. 0:58vast Gold and uh
28. 1:01resour How Will this Deal affect your
29. 1:05economy i think this Deal will affect
30. 1:08very positively i hope it will have some
31. 1:12uh Spell over effect you know M
32. 1:16multiplying effect Can you give economy
33. 1:19an example of that uh for example you
34. 1:21know it it it will Raise the Business or
35. 1:25investment confidence in mongolia it
36. 1:28will Help Us you know uh All That Deal
37. 1:33is not only with One companies but Other
38. 1:36local companies will join to That it
39. 1:39will Help Us to develop our
40. 1:42infrastructure it will Help Us develop
41. 1:45our Other minerals also attract Other
42. 1:48investors to mongolia actually that Deal
43. 1:51took quite long but mongolia is Open
44. 1:54Country democratic country Because Of
45. 1:56that and i think it it will Help a lot
46. 1:59Next year will be your 20th anniversary
47. 2:01yeah you know in mongolia Unique Thing
48. 2:04that in late of 1989 actually We had the
49. 2:08same transition like in eastern Europe
50. 2:10and uniqueness of that transition was
51. 2:13Without single bloodshed also political
52. 2:17and economic transition was at the same
53. 2:20Time you know many people think that
54. 2:22making the political economic transition
55. 2:24in Asian Country at the same time is is
56. 2:27not Asian Way but We broke that
57. 2:30stereotype and this year and Next year
58. 2:33we will celebrate that transition i want
59. 2:36to talk More about the resources Story
60. 2:38because outside of Gold and Copper
61. 2:40You're Said to have the world's largest
62. 2:43Co Field and youve also talked to
63. 2:46Possible partners on that front What's
64. 2:48the latest you know that coalfield one
65. 2:52difference from the o is coalfield and
66. 2:56licenses in government and also govern
67. 3:00will Make Deal with others and there are
68. 3:03Of course Mark China and We have to Deal
69. 3:07with the Chinese interest also We have
70. 3:10Two neighbor and Russia and We have to
71. 3:12Deal with the Russian interest and also
72. 3:14mongolia always Welcome Third neb
73. 3:18investment you know in mongolia We have
74. 3:21policy called Third neighbor policy We
75. 3:23have only two neighbors And it also
76. 3:26applies to our investors and We would
77. 3:28like to have Third neb uh involvement in
78. 3:32that Of course our local Business
79. 3:36interest should be there means that
80. 3:39they're going to be also not easy Deal
81. 3:42but i hope we will have that in recent
82. 3:45Future with all this going on uh the
83. 3:48government Has Now started to Look at
84. 3:50starting a sovereign wealth fund What
85. 3:52can you Tell Us about that and what your
86. 3:54ulate Goal
87. 3:56is fund you
88. 3:58know to invest in Our economy We need to
89. 4:03diversify our economic inputs Because Of
90. 4:07that There is greater Need investing
91. 4:10construction Business also mongolia is
92. 4:13agricultural Country We have More Than
93. 4:1650 million cattle there you know We have
94. 4:19to uh try to produce some final Products
95. 4:23in mongolia and We have to invest in Our
96. 4:27agriculture and STR also Other Other
97. 4:31sector and also our Budget There is
98. 4:34deficit i think we Need some investment
99. 4:37We Need some fund for that What Has the
100. 4:41economic downturn tau you Given how
101. 4:45reliant the economy ultimately is on
102. 4:47where commodity prices are yeah that hit
103. 4:50hard uses and i think i hope that H Now
104. 4:53bottom already and Now We are expecting
105. 4:57gradual recovery very Finally How do you
106. 5:01see people investing in mongolia in The
107. 5:04Future a wellknown investor in emerging
108. 5:06markets Mark movus Has talked about
109. 5:08investing in your Country Where do you
110. 5:11see uh people investing and how in The
111. 5:13Future i think One attractive Thing to
112. 5:17invest in mongolia is stable political
113. 5:19System and also good reliable legal
114. 5:22System and two markets you know world's
115. 5:26fastest growing Market China and Russia
116. 5:29Market and also quite High literacy rate
117. 5:34and good labor Force in mongolia and i
118. 5:37hope Other investors will come also to
119. 5:40continue will come to mining and tourism
120. 5:43infrastructure and financing Mr
121. 5:46President i want to Thank you for your
122. 5:48Time