MEETINGS ON THE GOVERNMENT PENSION FUND OF NORWAY
President of Mongolia Khaltmaagiin Battulga, who is paying a working visit to the Kingdom of Norway, held meetings with the authorities of the Government Pension Fund of Norway, the Ministry of Foreign Affairs, the Ministry of Finance, and Norges Bank today.
Beginning the meeting, President Battulga said “Since 2012, Mongolia has been studying the activities and management of the Government Pension Fund of Norway at higher levels of the government with interests in cooperation. Over the past years, we were keen to discover the positive aspects of the wealth fund, and this time we are paying close attention to the negative implications as well as potential risks involved as we intend to establish a wealth fund in Mongolia.”
The discussion centered upon topics such as establishment and history of the Government Pension Fund, investment strategy and management of the Fund, the Council and Ethics of the Fund, and the role of oil and gas revenues in the Norwegian economy. The Ministry of Finance of Norway is in charge of management of the Fund, and officials from the Ministry answered related questions of President Battulga and delegates accompanying him.
Like Mongolia, Norway discovered massive oil deposits in 1969 as a result of explorations, developed a plan to establish a wealth fund in 1983, and started implementing the plan in 1990. In 2007, the Government Pension Fund of Norway became the largest national wealth fund in Europe by value, and in 2019, its revenues surpassed USD 1 trillion.
