Trial of Altanbulag FTZ extended

253 million MNT in goods traded


The Ministry of Economic Development (MED) held a press conference on August 29, and stated its decision to extend the trial period of Altanbulag free trade zone (FTZ).
A two-month trial of Altanbulag FTZ, bordering Russia in Selenge Province at Altanbulag-Khiagt border point, was launched in June. An estimated 125,000 tons of goods were accumulated at Altanbulag under free trade zone regulation and taxes of 13.6 million MNT and fees of 62,200 MNT were added to the State Budget between June 1 and July 31, 2014. During the trial period, 851.5 million MNT in goods were brought to the FTZ, 253.7 million MNT in goods were traded, and 2,365 vehicles and 7,181 passengers passed through the FTZ. The timetable of Altanbulag-Khiagt border point has been changed to 24-hour operations since July 1.
Considering its positive repercussions, such as increase in investment in the free trade zone and the continuous flow of passengers and goods, in a cabinet meeting held on August 7, a resolution to extend the term of the temporary regulations to December 31 was approved.
Chief of the Innovation and Public-Private Partnership Department of the MED S.Bekhbat, Director of Altanbulag FTZ Ch.Chimedsuren, Vice Chair of the Board of Investors J.Jargalsaikhan and Head of the Free Zone Division of MED Ch.Chimegsanaa attended last Friday’s press conference. Attendees emphasized that the launch of Altanbulag FTZ is an incarnation of the plan to establish and develop a free trade zone that had been discussed since 2002.

Short URL: http://ubpost.mongolnews.mn/?p=11717

Posted by on Aug 31 2014. Filed under Business & Economics. You can follow any responses to this entry through the RSS 2.0. You can skip to the end and leave a response. Pinging is currently not allowed.

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