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Analysis

Reform school: Moves are afoot to provide a more level playing field for private insurers
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The Social Welfare Law (SWL) passed by Mongolia’s parliament in January 2012 will bring much-needed reform to a system of pay-as-you-go contributions that has proved unsustainable and hampered growth in private insurance provision. Ending universal cash handouts and targeting welfare spending to the most vulnerable, the new Ministry of Human Development and Social Welfare (which replaces the…

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Foreign policy futures: Regional economic growth adds a new angle to historical balancing
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coal to China that does not match up to Chinese railway gauges in this light. China may have the coal, but only at an extra cost, as it will have to transfer this cargo to its own, narrower-gauge rolling stock. THE BEAR: Russia, meanwhile, has often historically proven an ally, the Red Army helping Mongolia end Chinese occupation in 1921, while Soviet investment was long the main source of external…

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Gobi: Textiles
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THE COMPANY: Established in 1981 with Japanese economic and technical assistance to process natural goat and camel hair, Gobi produces cashmere and camel wool products from these fibres. It has since developed into one of the five largest cashmere producers in the world, and has around 1000 employees. Gobi was partially privatised in 1993, when 26.5% of its equity was floated on the Mongolian Stock…

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Risks and rewards: Growth seems assured, but diversification remains key
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Although inflation and commodity price fluctuations preoccupy investors and politicians in the short run, Mongolia’s biggest challenge, as long recognised by development experts and local decision makers, will be rising dependence on mining revenues. The debate on how to manage non-renewable mineral wealth is likely to come into sharp focus once the Oyu Tolgoi mine begins operations at the end…

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A precious commodity: Water is a key concern for the mining sector
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Looming on the long-term horizon is a major constraint for the mining sector: water. Though Mongolia’s mineral resources are scattered throughout the country, most of the ones now in development are in the Gobi Desert, the driest part of the country. That includes Oyu Tolgoi (OT) and Tavan Tolgoi (TT), the megaprojects that will in the near future be the biggest users of water at mine sites.…

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A powerful combination: Expansion continues in both new and traditional segments
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Nuclear power has at times been considered a prominent part of Mongolia’s energy mix in the long term. The country has significant uranium reserves in multiple locations, according to data from the International Atomic Energy Agency, with the vast majority of it in the Dornod field in the north-east. Mongolia has in recent years been reforming its relevant laws and state agencies, and at points…

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Legislating change: Empowering the regulator and cleaning up the market
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A legacy of privatisation, Mongolia’s securities law continues to hamper the development of the world’s second-smallest bourse. While new legislation has been drafted with support from an international working group that included the London Stock Exchange Group (LSEG) and presented to parliament, its passage remained delayed in 2012. Although smaller pieces of legislation have passed in recent…

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Flowing fast?: Coal-to-liquid technology is considered a possible new energy source
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The ongoing search for fuel alternatives in Mongolia was stepped up after a shortage in the summer of 2011, and energy sector leaders are now exploring alternatives and supplements to buying from Russian state energy firm Rosneft. One possibility is coal-to-liquids (CTL) technology, a good fit given the country’s huge coal reserves. Several companies are in the process of evaluating CTL’s potential…

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Mixing it up: Renewables look set to become increasingly important
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Though largely part of the informal economy, Mongolia is nevertheless no stranger to renewable energy – solar panels are a common sight perched outside gers (herders’ felt tents) across the country, used to power televisions and lamps. These account for only an estimated 0.1% of the country’s electricity mix, however. Yet the renewables story in Mongolia is set for major development, with…

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Mortgages for all?: There is vast potential for home loans to grow
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Change in government has not affected the state’s “100,000 homes” scheme to provide affordable housing to low- and mid-income earners. With roughly 60% of Ulaanbaatar residents – or some 700,000 people – in ger districts comprising large traditional tents, building sufficient new homes and making loans affordable will be a challenge. According to M.A.D. Investment, given current construction,…