AKIPRESS.COM - The American Chamber of Commerce in Mongolia (AmCham), the Eurochamber Mongolia, and the Mongolia-Australia Chamber of Commerce (AustCham Mongolia) held a press conference on May 6 to discuss the Law on Mongolia's Sovereign Wealth Fund, recently passed by the Parliament of Mongolia, Montsame reports.

At the press conference, Chairman of the Australian Chamber of Commerce Mongolia and CEO of Sandvik Mongolia Brad Clark emphasized the importance of transparency in establishing a Sovereign Wealth Fund. He stated that such a Fund benefits the nation in the long term by generating profits and shared prosperity. Clark likened the Fund to an inheritance for future generations, highlighting the need for public education programs to promote understanding of this initiative.

Highlighting Australia's experience with the Sovereign Wealth Fund, the Australian Chamber of Commerce Mongolia expressed interest in collaborating with Mongolia on best practices for the operation of its new Fund.

Director for Policy at the American Chamber of Commerce in Mongolia G. Javkhalantugs highlighted the need to review and discuss provisions in the new Law on Mongolia's Sovereign Wealth Fund concerning foreign and domestic investors. He expressed concern that unclear regulations regarding taxes and operations could lead to caution, hesitation, and potential risks for investors.