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Overview

Taking action: Better connections are in the works
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As roads are being built and related infrastructure is quickly being put into place, Mongolia’s connectivity and logistics are greatly improving. Real investment in transportation has been made in recent years, especially in 2013, and more is expected. In the coming years internal and international travel and cargo delivery are likely to become faster, cheaper, easier and more efficient. Nevertheless,…

Overview

Rising high: Solid fundamentals and demand bode well for future growth
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The rapid expansion of Mongolia’s economy in recent years has fuelled rising per-capita incomes and, consequently, steadily increasing demand for high-quality real estate of all types. Supply in most segments, meanwhile, has remained fairly limited, which has contributed to demand-driven increases in rents and sales prices, particularly since early 2011. Despite a considerable amount of new construction…

Overview

An expansive view: The sector is growing rapidly, largely on the back of data uptake
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With rapidly rising demand for telecommunications services and increasingly intense price competition in the mobile market in recent years, Mongolia is poised for substantial expansion in the foreseeable future. Mobile subscriptions have expanded rapidly, from fewer than 160,000 in 2000 to more than 3m as of the end of 2012, according to data from the Communications Regulatory Commission of Mongolia…

Overview

Countering the cycle: Spending mineral revenues to build up local manufacturing capacity
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While Mongolia may seem an unlikely place for export-focused manufacturing, it is becoming less so. The country is remote, it has a small labour pool and it cannot be described as inexpensive. The local market is small and it has little in the way of an industrial tradition. However, the economics of manufacturing work for a rather wide range of goods. Mongolians need and can now afford many products,…

Overview

Focus on sustainability: Enhancing long-term viability and boosting revenues through careful development
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Agriculture has been a cornerstone of the Mongolian economy for thousands of years. While the sector has recently been overshadowed by the burgeoning mining industry, as of mid-2013 agriculture was widely considered a central component of the nation’s long-term development strategy and a major potential economic contributor. From early 2012 through 2013 the local agriculture sector posted solid expansion…

Overview

New focus: The industry is looking forward to rising revenues for years to come
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Home to vast swathes of untouched land and numerous unique natural environments, Mongolia has immense mountain ranges in the north and the west, thousands of square kilometres of rolling steppe in the central and eastern part of the country, and the austere Gobi desert in the south. The nation also has a distinctive cultural heritage, which draws on traditional Central Asian nomadic culture, shamanism,…

Overview

A growth market: High network capacity and rapid uptake signal future opportunities
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While Mongolia’s information and communications technology (ICT) industry is relatively young by international standards, the country is widely regarded as an emerging centre of technology in Asia. The government, alongside a handful of leading private sector companies, has invested heavily in the nation’s fibre-optic networks and other technologies over the past decade, which has resulted in a…

Overview

Home made: The focus shifts to serving the local market with domestic products
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While the world has focused on high-profile retail openings in Mongolia – especially Louis Vuitton in 2009 and KFC in 2013 – and the notable absence of shoppers at some of the country’s high-end malls in recent months, much has been going on in the broader market. Retail has been developing steadily below the super-high end and big brands. Malls have been opening, major local players have been…

Overview

Paying their dues: An introduction to founding a firm and paying taxes in Mongolia
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Economic and business activities in Mongolia are regulated by a variety of laws, principally the Company Law of 2011, the Civil Code of 2002, the new Investment Law of 2013 (replacing the Law on Foreign Investment of 1993), and the Law on the Regulation of Foreign Investment in Entities Operating in Strategic Sectors of 2012. Currently, Mongolian legislation allows for a variety of forms of business…

Overview

More clarity: A look at recent revisions to laws affecting foreign investors
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As may be expected in a fast-growing emerging market, Mongolia’s legal framework – like many other aspects of Mongolian society – is in a constant state of flux. At first blush, since foreign investors tend to crave legal certainty, this would appear to be a weakness of the country’s legal system. However, investors should take comfort in the fact that over the long term the changes to…