ULAN BATOR, July 2 (Xinhua) -- Mongolia aims to push up its economic growth rate to 8 percent and keep inflation below 8 percent in 2019, the Economic Standing Committee of parliament said Monday.

"To achieve the goals, we have to attract more investment. We are working to optimize the business environment and make tax (reforms) in a bid to restore foreign investor confidence," Dorjdamba Damba-Ochir, head of the committee, said.

Mongolia's GDP grew 5.1 percent year on year in 2017, compared to 1.0 percent the previous year.

The International Monetary Fund has predicted Mongolia's GDP growth will be 5 percent this year and climb to 6.3 percent next year.