AKIPRESS.COM - Mongolia Economic Forum 2023 discussed rare earth elements as the main source of future development of Mongolia, and the main sector to attract foreign investment, Montsame reported.

Chair of the Advisory Board of the Australian Space Agency and Independent Non-Executive Director of the Rio Tinto Group Megan Clark, who participated in the discussion on "Future Development: Rare Earth Elements, Copper, and Uranium," said that Mongolia should consider how to develop this industry, particularly in the stages of mining and processing of rare earth elements.

The participation of the government and its environmental policy, relevant government ministries and agencies, as well as public involvement are essential. Mongolia needs to determine its goals in accordance with the development trends of the world's rare earth elements industry.

A need to create national personnel and human resources, starting with scientists and researchers in this field, was stressed at the forum. Megan Clark emphasized that by implementing all this, the rare earth elements sector, which is the basis of future global development, will bear fruit in Mongolia.

The Chair also pointed out that rare earth elements industry is a promising field with a great opportunity to attract foreign and domestic investment.

The USA has started investing in the rare earth market nowadays. The process of transition from the brown economy to the green economy has been implemented by countries in connection with the use of rare earth elements, and collaboration with these countries may bring many opportunities.