[Congressional Record Volume 167, Number 201 (Thursday, November 18, 2021)]
[Extensions of Remarks]
[Page E1252]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]




                          RECOGNIZING MONGOLIA

                                 ______
                                 

                             HON. KEN BUCK

                              of colorado

                    in the house of representatives

                      Thursday, November 18, 2021

  Mr. BUCK. Madam Speaker, as a member of the House Foreign Affairs 
Committee, I rise to highlight the importance of the strategic 
relationship between the United States and Mongolia.
  Though geographically surrounded by two countries, Russia to the 
north and China to the south, I am told that Mongolia recognizes the 
United States as its ``third neighbor''--a key partnership forged 
through diplomatic, military, cultural, and economic relationships that 
provide immense value to both nations.
  As the United States continually adapts, analyzes, and innovates to 
stay ahead of challenges from global competitors like China and Russia, 
maintaining and strengthening relationships with regional allies like 
Mongolia is critical. Since establishing formal diplomatic relations in 
1987, and the country's peaceful democratic revolution in 1990, the 
United States and Mongolia have partnered to expand political and 
financial cooperation and to advance market-based reforms to stabilize 
and grow economic opportunities for Mongolian citizens.
  The U.S. State Department's 2021 Investment Climate Statement on 
Mongolia highlighted the importance of direct foreign investment, 
especially from western companies and institutions, as pivotal for the 
growth and stability of the Mongolian economy. Mongolia is making 
efforts to bolster investor confidence by reiterating its commitment to 
implementing the U.S.-Mongolia Agreement on Transparency in Matters 
Related to International Trade and Investment. This agreement provides 
greater regulatory certainty and transparency for domestic and foreign 
investors by requiring a public-comment period before new regulations 
become final.
  The State Department's report highlights areas of success where 
investments have outperformed expectations, particularly in retail and 
service sectors of the economy. The report also identifies sectors 
where greater certainty is needed to ensure continued economic growth, 
including the mining and natural resources industries.
  To quote from the report:

       ``The Oyu Tolgoi copper and gold mine has resurfaced as a 
     bellwether of Mongolia's investment climate. Upon reaching 
     full production, the mine may produce as much as 25 percent 
     of Mongolia's GDP. Resolving an ongoing investment dispute 
     related to the mine between the government and multi-national 
     shareholders is seen by many investors as essential to 
     improving Mongolia's investment climate image 
     internationally.'' (2021 Investment Climate Statements: 
     Mongolia, 2021)

  A stable and robust Mongolian economy is central not only to the 
country's democratic, cultural, and financial independence, but it is 
also a clear strategic asset to the United States. I commend the 
Mongolian government for the steps it has taken to welcome and 
incentivize investment into its economy and encourage the government to 
continue to make progress on the institutional and legal measures that 
are needed to secure existing capital and encourage further investments 
into local jobs, businesses, and economic opportunities for the 
Mongolian people. On behalf of the 4th Congressional District of 
Colorado, I am honored to recognize the important relationship between 
the United States and Mongolia.

                          ____________________