Casino Resort Part of Mongolia Project
MONGOLIA – In a historic first forinternational trade to Northeast Asia, Mongolian government and WinwheelBullion officials today announced the creation of the Zamiin Uud FreeEconomic Zone, a new international free trade zone, strengthening theposition of Mongolia and Northeast Asia in the global economy. Thishistoric announcement was made at the Northeast Asia Conference by Ministerof Industry and Trade B. Jargalsaikhan, Governor of the Central Bank ofMongolia O. Chuluunbat, and Minister of Finance N. Bayartsaikhan. Theannouncement marks an important milestone as Mongolia continues itstransition to a free market economy. A b-roll for television news stationswill be uplinked:
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Located 350 miles northwest of Beijing, China on the southeastMongolian border, the Zamiin Uud (pronounced ZA-meen OOD) Free EconomicZone is the result of an unprecedented partnership between the Mongoliangovernment and the United States-based Winwheel Bullion corporation. TheMongolian government will provide 104,000 acres of land for amaster-planned commercial center with development led by Winwheel Bullion.Phase I of Zamiin Uud will be a 2,224 acre development that will includeconstruction of Odonchimed International Airport and a base infrastructureof hotels, casino resorts, a convention center, shopping complexes, dutyfree shops, office and commercial buildings, banks and financialinstitutions, industrial complexes, sports stadium, theme park, and golfcourses. In addition, residential and community infrastructure will includehousing, hospitals, public parks, a retirement community and othersupplemental structures. Construction of the first phase of Zamiin Uud isscheduled to begin summer 2006.
A key component in the creation of this international free trade zonewill be the construction of Odonchimed International Airport. WinwheelBullion has entered into a joint venture with TEC Constructors & Engineersto construct the international airport. TEC Constructors & Engineers is anmultinational company that specializes in large-scale real estatedevelopment, project management and general contracting. Past projectsinclude Los Angeles International Airport, John Wayne InternationalAirport, San Diego International Airport, the $1.5 billion Walt DisneyCalifornia Adventure Resort, and recently, the Indianapolis Colts FootballStadium. For additional power in Zamiin Uud, Winwheel Bullion and BroncoEnergy entered into a joint venture. Bronco's Preferred Service Provides inthe power service of Zamiin Uud will be URS Corp. and Nexant Corp.
The Zamiin Uud Free Economic Zone is the latest step in Mongolia'sascension in the world economy. Since the early 1990s, Mongolia haspurposefully taken steps to embrace a free market economy and hasliberalized state-controlled prices and tariffs, privatized state-ownedenterprises and established a two-tier banking system. In 2004, a jointstatement between U.S. President Bush and Mongolian President Bagabandideclared a new era of cooperation and a comprehensive partnership betweenthe two democratic countries based on shared values and common strategicinterests. Mongolia joined the World Trade Organization in January 1997 andhas enjoyed a decade of positive economic growth and single-digitinflation.
To ensure and assist in the transition process to a free marketeconomy, a separate non-political body will be formed to administereconomic policies in the Zamiin Uud Free Economic Zone. The Zamiin UudEconomic Development Authority (ZUEDA) will be mutually developed by theMongolian Government and private commercial entities. Members will make upthe ZUEDA Task Force who will initiate policies such as transparent andnon-discriminatory administrative norms and legal standards in accordancewith international principles. ZUEDA policy will be designed to create astable and predictable climate for commerce, and accommodate internationalmarket forces that require high standards to protect foreign investment andinvestors with specific competition policies.
In English, Zamiin Uud means gateway, and true to its name, the ZamiinUud Free Economic Zone functions as a gateway to Northeast Asia andestablishes an international regional headquarters in a stable environment.Currently, there are already 70 commercial and service providers in ZamiinUud, and approximately 70% of Mongolian foreign trade passes through theZamiin Uud port. There is no excise, added value tax, or import custom dutylevied on items imported to Zamiin Uud. Investment in the construction ofstorage facilities, cargo terminals and hotels in Zamiin Uud is exempt fromincome tax for an initial five-year term, then granted a 50% income taxconcession for three subsequent years.
Technological infrastructure currently exists in the form of superhigh-speed fiber-optic cable and VSAT systems, cable TV, FM radio stations,mobile telecommunications, and internet and email access. An internationalroad network connecting Asia and Europe intersects Zamiin Uud, with a newAH-3 standard highway set to be completed by 2008. Combined with the newdevelopment, Zamiin Uud is poised to be a hub of international commerce.
This day was chosen to announce this exciting free trade venturebecause it commemorates the 1206 coronation of Chinggis (Genghis) Khaan asthe King of Kings, when the Mongolian Empire was at its apex. ChinggisKhaan was a 13th century Mongol military and political genius who ruled theworld's largest empire that once stretched from Korea to Hungary. Whileinfamous for his exploits on the battlefield, Chinggis Khaan was also askilled leader, politician and administrator who created groundbreakingtrade policies that nurtured free pan-Asian commerce.
Today, Mongolia maintains strong relations with all North and SouthEast Asian countries. It has reasonable proximity to such major centers asBeijing, Nanjing, Shanghai, Seoul, Tokyo and Osaka. Since the early 1990s,Mongolia has purposefully taken steps to embrace a free market economy andhas liberalized state-controlled prices and tariffs, privatized state-ownedenterprises and established a two-tier banking system.
2006-04-29
