Small and medium-sized enterprises are to be supported by government. A national forum is being held attended by some 400 small and medium-sized business owners. Speaking at the opening of the national forum Mongolian Minister of Industry Mr Erdenebat said that the Ministry developed a national industrial policy with the main focus on improving the competitiveness of and on providing policy support to SMEs. SMEs are a major economic lever for the national development. Mongolia has more than 50 thousand SMEs which constitute some 86% of local economic entities.

Although most of local SMEs are at their initial stage they employ some 70% of able bodied population of Mongolia. However SMEs produce just 20% of GDP and 0.7% of the national export. Therefore SMEs need to be supported by the national policy which encourages increasing the share of national producers in GDP and in national export. The Mongolian Government is working to create credit risk guarantee fund for SMEs. Mongolian Parliament will soon discuss a draft SMEs and Labor law which is very important for SMEs. The ongoing forum is very important for planned consideration of this law by Parliament.