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Setting up of industrial parks & friendly policies on anvil
22
Dec '08
The government of Mongolia in a bid to boost its industrial sector is planning to declare 2009 as "Industralisation Support Year" and develop policies and programs related to the same.

The government is planning a multi-pronged approach in development of SMEs as well as creation of brands. It also envisages improving the competitiveness of the wool and cashmere industry and also setting up of industrial parks.

The industrial parks are expected to provide support to industries located inside the parks in terms of availability of vital raw materials and help in reducing costs. The companies in the industrial parks will also be encouraged to adopt state of the art technologies and thereby increase their competitiveness.

The manufacturers on their part have suggested to the government to draft a new industrial policy and revise existing laws and tax policies. They have also suggested improvement in financial support to SMEs and setting up of vocational training centers.

The whole idea behind the new policy is to encourage exports of finished goods rather than exporting raw materials and in the process add value to the goods, since 85 percent of all shipments from Mongolia are in raw material form.

Fibre2fashion News Desk - India

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