Light Industry Sector to Be Supported by Taxation Policy and Other Ways

Densmaa 2024-03-26 04:03

Economy

President of Mongolia Khurelsukh Ukhnaa visited “Mogol noos” and “Blue sky cashmere” companies on March 22, 2024.

President of Mongolia Khurelsukh Ukhnaa visited “Mogol noos” and “Blue sky cashmere” companies on March 22, 2024. Mongolia has over 30 million head of sheep and consumes 36 thousand tons of wool a year. To develop the light industry sector, the President considers Mongolia should establish a good system for wool preparation, supply, the production of value-added and end products, and trading. Therefore, President Khurelsukh held a meeting with the representatives of the wool, and cashmere manufacturing sector to discuss the pressing issues they face and find solutions. Directors of the companies expressed their gratitude for the decision of the Government of Mongolia to cover the payments for electricity, heat, and water from the State during the pandemic years which allowed manufacturers to continue their production without interruption, and keep the workplaces. Long-term and low-interest loans and support with the taxation policy and the State procurement will enable national companies to meet the national demand and increase their export, the management staff of the companies noted. Also, the high cost required to establish a high-technology factory and its operating expenses cause tremendous challenges, they said.