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Mongolia to Support Innovative Startups with Tax-exemption Policies to Diversify Mining-dependent Economy

Updated:2018-8-3 10:12:37    Source:www.tannet-group.comViews:77

According to the Minister of Education, Culture, Science and Sport, Mongolia will support innovative startups with tax-exemption policies to diversify its mining-dependent economy.

Startups will be exempt from value-added tax and import tariffs on their high-end equipment, she said at a press conference after a government meeting.

"Mongolia's economy is on track to stabilize," the minister said. "So it is important to implement a multi-pillar development policy based on science, technology and innovation to ... stabilize and diversify the economy (more)."

The mining industry contributes to about a quarter of the country's GDP and more than 90 percent of its exports.

Mongolia's non-mining economy was particularly weakened between 2014 and 2016 by falling investment and declining private consumption, according to the World Bank. (Source: Xinhua News)

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