The first Gold forum was co-organized by the Mongolian Ministry of Mining and Heavy Industry, the Bank of Mongolia, the Bloomberg TV Mongolia, the Swiss Agency for Development and Cooperation and the Gold Producers Association. The main discussions were around challenges, issues, ways to overcome them, the current situation and future trends.
The Minister of Mining and Heavy Industry D. Sumiyabazar emphasized in his opening speech: “In order to transform the gold industry into a multi-pillar sector with income over a billion tugriks, we have included it in the Mongolian development goal of 2030 as one of the main pillars. Each gramm of gold that you gold producers supply to us assists in reducing the price of bread, consumed by every household in Mongolia, every square of land that you rehabilitate and do reclamation on, increases the trust of citizens, so I call you all to be patriotic and submit all of the mined gold to the Bank of Mongolia and let the mined gold stay in Mongolia.”
The organizers and the participants all agreed that gold could be the answer to the geopolitical uncertainty and the uncertainty in the international arena, the unplanned economic swings and secure sustainability.
During the meeting, the stakeholders of the sector expressed their views about intensifying gold excavation, which will assist in the increase of gold submission and sustain the local exchange rates, the formalization of the gold supply chain, increasing the treasury fund, and improving the legal environment. Also, the forum resulted in lively discussions, conclusions and recommendations were made. In addition to the organizers of the Gold Forum, there were over 200 participants in attendance, including representatives from the Ministry of Finance, the Ministry of Environment and Tourism, the General Police Department, the Anti-corruption Agency, the General Agency of Specialized Inspection, gold producing companies and researchers.