The publication is reproduced in full below:
RECOGNIZING MONGOLIA
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HON. KEN BUCK
of colorado
in the house of representatives
Thursday, November 18, 2021
Mr. BUCK. Madam Speaker, as a member of the House Foreign Affairs Committee, I rise to highlight the importance of the strategic relationship between the United States and Mongolia.
Though geographically surrounded by two countries, Russia to the north and China to the south, I am told that Mongolia recognizes the United States as its ``third neighbor''--a key partnership forged through diplomatic, military, cultural, and economic relationships that provide immense value to both nations.
As the United States continually adapts, analyzes, and innovates to stay ahead of challenges from global competitors like China and Russia, maintaining and strengthening relationships with regional allies like Mongolia is critical. Since establishing formal diplomatic relations in 1987, and the country's peaceful democratic revolution in 1990, the United States and Mongolia have partnered to expand political and financial cooperation and to advance market-based reforms to stabilize and grow economic opportunities for Mongolian citizens.
The U.S. State Department's 2021 Investment Climate Statement on Mongolia highlighted the importance of direct foreign investment, especially from western companies and institutions, as pivotal for the growth and stability of the Mongolian economy. Mongolia is making efforts to bolster investor confidence by reiterating its commitment to implementing the U.S.-Mongolia Agreement on Transparency in Matters Related to International Trade and Investment. This agreement provides greater regulatory certainty and transparency for domestic and foreign investors by requiring a public-comment period before new regulations become final.
The State Department's report highlights areas of success where investments have outperformed expectations, particularly in retail and service sectors of the economy. The report also identifies sectors where greater certainty is needed to ensure continued economic growth, including the mining and natural resources industries.
To quote from the report:
``The Oyu Tolgoi copper and gold mine has resurfaced as a bellwether of Mongolia's investment climate. Upon reaching full production, the mine may produce as much as 25 percent of Mongolia's GDP. Resolving an ongoing investment dispute related to the mine between the government and multi-national shareholders is seen by many investors as essential to improving Mongolia's investment climate image internationally.'' (2021 Investment Climate Statements: Mongolia, 2021)
A stable and robust Mongolian economy is central not only to the country's democratic, cultural, and financial independence, but it is also a clear strategic asset to the United States. I commend the Mongolian government for the steps it has taken to welcome and incentivize investment into its economy and encourage the government to continue to make progress on the institutional and legal measures that are needed to secure existing capital and encourage further investments into local jobs, businesses, and economic opportunities for the Mongolian people. On behalf of the 4th Congressional District of Colorado, I am honored to recognize the important relationship between the United States and Mongolia.
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SOURCE: Congressional Record Vol. 167, No. 201(1), Congressional Record Vol. 167, No. 201(2)
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