Ettiquette A handshake usually accompanies a first introduction in a business setting and is used both as a greeting and farewell. Although people in urban centres are less strict about local customs when greeting, it is customary and seen as a sign of respect to offer things (a business card, pen, etc.) with your left hand under your right elbow. Mongolians tend to respect foreigners who know such…
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Interview: President Ts. Elbegdorj How would membership in Asia-Pacific Economic Cooperation (APEC) benefit Mongolia and lead to a more integrated regional economy? PRESIDENT TS. ELBEGDORJ: Mongolia fully supports APEC’s vision and principles, and has expressed interest in cooperating with and joining the institution since 1993. To this end, we are currently striving to meet the criteria for membership.…
Interview: Prime Minister Ch. Saikhanbileg What are your government’s priorities, and how is your government working to overcome the current economic downturn? PRIME MINISTER CH. SAIKHANBILEG: Following my appointment as prime minister I made it clear that I have only three priorities: the economy, the economy, the economy. Over the coming year, my government and I will work tirelessly to stabilise…
Interview: L. Purevsuren How do you expect Mongolia’s role in the regional economy to develop going forward? L. PUREVSUREN: Foreign trade plays an important part in Mongolia’s economy. Since it began its transition to a market economy, Mongolia has adopted open trade and investment policies. After joining the WTO in 1997, we bound all our tariffs under the General Agreement on Tariffs and Trade…
First, I would like to note that my recent visit to Mongolia and talks with President Ts. Elbegdorj coincided with one of the biggest events in the history of our relations: the 75th anniversary of our joint victory at the river Khalkin-Gol. I would like to express our gratitude to Mongolia’s government and people for looking after our common historic heritage. The celebration marking this event…
Interview: S. Javkhlanbaatar What trends have you seen in terms of foreign direct investment (FDI) in 2014? S. JAVKHLANBAATAR: According to statistics for the first half of the year, FDI decreased to roughly $400m. While concerning, it is misleading to rely too heavily on one metric. For instance, over the same period, more than 170 foreign companies entered the market, which is largely in line with…
Interview: Jim Dwyer To what extent has the new investment law been successful at attracting foreign investment? JIM DWYER: I think the new law is quite fair to all investors, both foreign and local, and will enable companies to feel more secure making large-scale investments. The ability, under the law, to enter into stability agreements and fix key items like tax rates is important in this respect.…
Interview: Graeme Knowd What do you see as the major external challenges currently facing the Mongolian economy? GRAEME KNOWD: The risks facing Mongolia in 2015 resemble those that concern countries around the world. First, there is a pressing need to determine the true extent of the Chinese economic slowdown, and to gauge whether China can effectively rebalance its economy away from investment towards…
Interview: L. Boldkhuyag To what extent should foreign investors regard Mongolia as an attractive economic destination within the medium to long term? L. BOLDKHUYAG: Despite some economic difficulties in recent years, Mongolia is a significant prospect for both domestic and foreign investors. There is huge potential in its mineral resources if they can be extracted in an effective and equitable manner.…
