According to various sources Mongolian small and medium enterprises (SME’s) have been unable to repay their loans as a result of the economic crisis. Mr D.Erdenebat, who is the Minister of Industry, has denied this information saying that: “The loan repayment by SME’s stands at 95%. Their sales, however, have slowed”. For this reason, it has been decided to name 2016 “Trade Support Year”. A range of steps will be taken to bolster domestic manufacture. The forecasts for Mongolian economic growth, in view of current gobal macro-economic factors are not rosy, for which reason the Ministry of Industry considers that steps to support SME’s involved in manufacture via investment and promotion is essential.
In order to make 2016 “Trade Support Year”, the State must increase the volume of procurement. Currently, only one ministry supports domestic production, namely the Ministry of Defence; at present 80% of all equipment and clothes supplied to the Mongolian Armed Forces are items of domestic manufacture. In addition, later this month, the Ministry of Industry and the Ministry of Education Culture and Science plan to sign a memorandum, under which, all items essential to the education system, for example - desks, chairs, dormitory beds and uniforms will be provided with products made in Mongolia.