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Analysis

Fortuitous geography: New high-speed international bandwidth
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Mongolia’s fibre-optic infrastructure is widely regarded as among the best in the region in terms of reach, capacity and speed. As of the end of July 2013 the country’s five fibre-optic cable networks together totalled 18,343 km in length, according to data from ErdemNet, a local internet service provider (ISP). Gemnet, a private operator, controls the great majority of this capacity, though much…

Overview

Broadening abroad: The economy is being diversified in many senses
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Mongolia is striving to establish a coherent investment regime, following two years that have damaged investor sentiment. Authorities recognise the need for foreign direct investment (FDI) to develop and leverage its estimated $1.3trn in mineral endowment to develop a diversified economy. Adjacent to two of the world’s largest economies, trade plays a key role in the Mongolian economy, a significant…

Overview

Re-establishing momentum: The government must overcome political and regulatory uncertainty
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For a relatively young democracy, Mongolia has taken giant steps in developing its socioeconomic and political system. The values of democracy are today very much instilled in Mongolian society, which is significant given the country’s socialist past. Economic development has also been a major achievement in recent years, as the country has seen a significant inflow of foreign direct investment (FDI),…

Overview

Continued momentum: Despite turbulence, double-digit growth was maintained in 2013
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Following a mining-related boom in exports and foreign direct investment (FDI), from mid-2012 Mongolia’s rapid economic growth faced the challenges of trade deterioration and falling commodity prices and demand on the one hand, and global and regional uncertainty on the other. The Oyu Tolgoi (OT) gold and copper mine that had emerged as a beacon for investor appetite in the land-locked yet resource-rich…

Overview

Looking ahead: A strong foundation despite ongoing challenges
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As the Mongolian economy weakens, the country’s banking system faces challenges. Assets on balance sheets are looking far less solid and customers are finding it harder to service their loans as growth slows and as the boom of recent years comes apparently to an end. Nevertheless, the core of the Mongolian banking system is quite sound. Banking During The Slowdown The three best-managed institutions…

Overview

Off the grid: Aiming to reduce the rising need for imports
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Energy security was never going to be easy for a country as big as Iran but with only about 3m people. Despite abundant reserves of coal and rich potential for wind, solar and hydroelectric power, Mongolia has lagged in exploiting its natural resources. From generation to transmission to distribution, its power infrastructure is outdated, and reliance on foreign imports is growing. Aware of this, the…

Overview

Growth assured: Increasing awareness and expansion likely to continue
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One of the most promising segments in Mongolia’s financial services industry is insurance. It is seen growing rapidly over the next few years as the economy expands, as the market becomes more sophisticated, and as more firms and individuals become familiar with the products and begin buying them. Insurance companies will benefit both from increasing prosperity and increasing awareness of the need…

Overview

Taking stock: New regulations and guidelines are aimed at renewing the market
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For the Mongolian Stock Exchange (MSE), 2013 was a year of transition. While performance remained weak and trading was exceedingly thin, preparations were being made for a comeback. New systems were introduced, important rules were changed and a new securities law was enacted that should address many of the gaps that previously existed and made the market less attractive to international investors…

Overview

Top earner: Addressing challenges to maximise long-term benefits
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For Mongolia’s frontier mining industry, long dominated by the promise of future production, 2013 marked a watershed with the commercialisation of the first phase of the world’s largest undeveloped copper and gold mine, Oyu Tolgoi (OT). Despite uncertainty over OT’s future expansion and challenges for Mongolia’s coking coal miners, a government mandate fresh from the 16-month electoral cycle…

Overview

Adding capacity: Boosting domestic capabilities in preparation to take on a more central role
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The rapid expansion of Mongolia’s economy in recent years has had a knock-on effect on construction activity across the country. According to World Bank data, the construction industry grew by more than 25% over the course of 2012, primarily as a result of a handful of government-led infrastructure and housing investment programmes. While local construction firms have been a major presence in the…