The Mongolia Business Plus Initiative took a pragmatic approach to promoting more equitable and sustainable, private sector-led economic growth using the three main strategies:
Strengthened business-enabling policies. One main project goal was to improve the legal and institutional environment in which businesses were formed and expanded. Activities under this goal included legal framework initiatives such as development of laws, regulations, and administrative procedures. An additional emphasis was to increase the efficiency and efficacy of government consultation with the private sector in formation of public policy.
Enhanced private sector capacity and competitiveness. The project used a three-fold approach to strengthen private sector capacities, participation, and competitiveness. First, it increased foreign and domestic private sector investment via targeted support to Mongolia’s public-private partnership program. Second, it improved rofessional business associations that supported the private sector. Third, it established partnerships that introduced innovation and business enhancement across industry sectors.
Improved financial sector capacity and enabling environment. The third project strategy was to create an adequate financial market structure, legal and regulatory infrastructure enforced by a decisive, capable, and independent regulator with a focus on non-bank financial institutions. These activities hinged on cooperation with ministries, regulatory institutions, and private sector associations.
The project strengthened the capacity of the Financial Regulatory Commission, increased financing and other financial products of non-bank financial institutions, and improved corporate governance and transparency of Mongolian businesses to help them gain better access to finance. Each component was supported by public outreach initiatives to obtain informed support from public and stakeholders on project activities, policy issues, and legislation related to business-enabling environment and other emerging issues. The project regularly engaged media, business associations, and civil society organizations to achieve these goals.