Mongolia - Алтанбулаг чөлөөт бүс
Altanbulag Free Zone is on the border with Russia. It was established with purposes of attracting tourism and investment in Mongolia. The zone claims that 108 entities have registered in Altanbulag. However, only a few of them are actively running their operations due to the poor infrastructure.
BRIEF HISTORY OF “ALTANBULAG” FREE ZONE
The Ministry of Industry and Trade established the Governor`s Office of the “Altanbulag” Free Trade Zone. This was in connection to the formation of a legal framework. Its aim to establish free zones in Mongolia in order to attract foreign and domestic investments. Also to properly decide the directions and planning of the works to be implemented in the free zones. In addition, to commence their implementation.
The establishment of the Governor’s Office was essential for determining the directions of development. Plus building the free zones, starting their operations, refining the relevant laws, and perfecting the relevant regulations as the concept of a free zone is completely new for our country.
In 2002, the structure of the Governor`s Office of the “Altanbulag” Free Trade Zone was approved.
Law on Free Zones
When the Law on Free Zones was developed and adopted in 2002. The concepts of establishing the infrastructure of the free zone with the state budget funds, signing contracts with investors in the trade, production and service sectors, and implementing the management by the Governor`s Office of the free zone were complied with, and the legal framework of the free zone was formed under the scope.
In 2003, it was decided to take management and organizational measures to commence the construction works in the “Altanbulag” Free Trade Zone. To attract foreign and domestic investments and to intensify the development of master plans and investment projects. It started its operation by developing the General and Master plans of “Altanbulag” Free Trade Zone.
This task was jointly developed by the JV of “Mips” LLC and “Ideal Group” LLC in 2003. The General Plan of Altanbulag Sum was approved by the Citizens` Representatives Council of Selenge province. Then the General Plan of the Free Zone was approved by the Cabinet meeting and handed over to the Ministry of Industry and Trade of Mongolia.
By Resolution No. 126 of the Government of Mongolian dated on 2015, the structure and number of employees of the Governor’s Offices of the “Altanbulag”, “Zamyn-Ude” and “Tsagaannuur” free zones were newly approved.
In 2015, the Law on “Free Zones” was amended and restated.