Conventus Law / Herbert Smith: Mongolia – a Step Forward or a Step Back? New Approval Requirements on Telecoms Foreign Investment

Mongolia’s parliament has recently adopted a new foreign investment law requiring foreign operators and investors to obtain approval from the Mongolian government and, in some cases, from parliament for their investments in certain strategic sectors, including media and telecoms. On 17 May 2012, the Mongolian Parliament approved a draft law entitled “Regulation of Foreign Investment in Business Entities Operating in Sectors of Strategic Importance” which, according to media reports, became law on 28 May 2012. The new investment law complements the existing foreign investment law enacted in 1993, which permits foreigners to take majority and even full ownership of any Mongolian company or investment without having to obtain prior government approval.  Indeed, Mongolia’s largest mobile operator, Mobicom, is majority owned by Japan’s Sumitomo and KDDI. To read the full article, click hereMongolia – a Step Forward or a Step Back? New Approval Requirements on Telecoms Foreign Investment

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