Mongolia is drafting amendments to the Free Zone Law: "Economic Special Zones" along the China-Mongolia border may accelerate development

MTV News, Ulaanbaatar, March 31 — To clarify the legal objectives, goals, and scope of application, relevant departments are defining these areas as "economic special zones," with plans to transform existing free zones into economic special zone formats. These will be categorized according to function and development direction into types such as free trade zones, export processing zones, industrial zones, science and technology parks, and comprehensive special zones, necessitating corresponding revisions to the law.

Moreover, to ensure more efficient and flexible implementation of economic policies, the draft proposes granting the Mongolian government authority to establish, adjust, or abolish free zones, as well as define their boundaries and locations. It also calls for establishing a centralized, unified, and independent management system to enhance operational flexibility and decision-making power; promoting a government service model based on "one-stop service," improving legal frameworks; introducing a risk-based regulatory system, digitizing licensing procedures and related information, establishing a unified information database, and creating an independent judicial dispute resolution system.

The amendment draft aims to facilitate the transition of free zones into economic special zones with diversified development, strengthen management systems, provide open, transparent, and convenient public services to citizens and businesses; achieve digital management of licenses and information through risk-oriented regulation, and establish a unified information platform.

Through these principle-based revisions, Mongolia will better align with global economic development trends, promote the development of economic special zones based on national realities, enhance economic vitality, accelerate national development, boost fiscal revenue and investment growth, and simultaneously drive urbanization, infrastructure construction, and industrialization linked to free zone development, while helping alleviate issues caused by excessive population concentration.

Original source: toutiao.com/article/1861172861668360/

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