MEETING WITH ERNA SOLBERG, PRIME MINISTER OF THE KINGDOM OF NORWAY
President of Mongolia Khaltmaagiin Battulga, who is paying a working visit to the Kingdom of Norway, had a breakfast meeting with Prime Minister Erna Solberg today.
Ms. Solberg welcomed President Battulga to Norway and remarked that the visit was an indication of the warm relations between the two countries and that there were interests to strengthen bilateral ties.
President Battulga expressed his confidence that bilateral cooperation will expand in the future and explained that his visit was essentially linked to the recent Constitutional Amendment in Mongolia.
According to the President, despite the declaration in the 1992 Constitution of Mongolia that natural resources are subject to national sovereignty, a few people became wealthy under the name of acquiring special licenses and the gap between the rich and poor increased, thus it has been amended through the Constitution by legal means. With the amendment, the Constitution now states that “…profits gained from mineral resources shall be accumulated in the National Wealth Fund for equal and fair distribution.” President Battulga expressed his view that it was ideal for Mongolia to work with Norway, a country that has employed the best approach to “wealth fund” management, to implement the above-mentioned clause in the Constitution.
The Constitution of Norway outlines that “Natural resources shall be managed on the basis of comprehensive long-term considerations which will safeguard this right for future generations as well.” The assets of the Government Pension Fund of Norway amounted USD 1.5 trillion in the first half of 2019. This is a top example of wealth fund management in the world, and with the management of its natural resources through the fund, the revenues were utilized in a manner based on the principles of equity and accessibility to its citizens.
President Battulga and Prime Minister Solberg had an elaborate discussion on the matter of wealth fund, the unique characteristics of Mongolia and Norway, and the implementation of wealth fund laws before agreeing to work together. In doing so, the leaders reached an understanding on the means of cooperation such as sending experts who helped found the Government Pension Fund of Norway to Mongolia for experience-sharing and bringing young Mongolian scholars to Norway.
At the meeting, the sides also touched upon a number of projects and programs that are aimed at increasing bilateral trade turnover and agreed that the Ministries of Foreign Affairs of the two countries would hold a consultative meeting after the visit and put into action the matters that were discussed during the visit.