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Vital works: New connections will help facilitate economic growth
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The sparse population, landlocked location and extreme climate make developing Mongolia’s transportation and logistics infrastructure a prominent challenge. Deciding how to allocate the state’s limited resources is a complex question at a time when spending is needed in so many areas in order to remove the bottlenecks holding back economic growth. The state’s growing capacity to tackle these…

Overview

Mass market: Consumers revel in the influx of high-end retail, but room for growth remains
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Sales staff at the Montblanc shop in Central Tower say that business is brisk in $600 pens. While this is an interesting isolated trend, what is happening everywhere outside the luxury shops on Sukhbaatar Square is the real story for Mongolia. For in the space of a few short years, habits have changed and the country suddenly has a consumer culture. After six decades under socialism and two decades…

Overview

Utilising strengths: Adapting to new trends in the market
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Endowed with isolated, unspoilt nature and a nomadic Buddhist culture, Mongolia has managed to develop a small but potentially profitable tourism sector, which is expanding through support from the public sector and a growing focus on adventure and nature. Strong mining-led economic growth in the past decade is expected to dilute tourism’s overall share of GDP, however, the total volume of revenue…

Overview

Increased activity: Much to do in the years ahead as the state invests in various projects
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The sector has been moving from a state-owned and -controlled industry to one driven by for-profit firms for the past two decades. However, this transition has been complicated by the challenges of extreme climate, a shortage of trained workers and logistical obstacles preventing the establishment of a steady flow of low-cost and on-time materials in the supply chain. In recent years, as the…

Overview

An educated guess: Efforts continue to balance educational reforms with market needs
OBG
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Education reform and investment are vitally important for Mongolia. The country is set to come into immense wealth from mining, and it needs to spend that money wisely so that the people have the skills, expertise and knowledge to make a living from the industry now and make a living after the minerals are depleted. It must make a few very long-term commitments to guarantee its future beyond the…

Overview

Hopeful horizons: Global interest and new media platforms make for a fresh landscape for the future
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For a country of just 3m people, Mongolia has a vast range of media outlets, from national newspapers and TV channels to local radio stations broadcasting to herding communities. The country’s advertising sector, meanwhile, has been growing fast on the heels of economic growth, along with increased foreign interest and subsequent investment. There has also been a diversification in advertising…

Overview

Towards self-sufficiency: Care for environmental resources will ensure a sustainable future
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While mining and minerals represent the key to Mongolia’s future growth and wealth, agriculture is also a vital part of the economy. The sector, which involves the raising of livestock for both meat and wool, and to a lesser extent the cultivation of grains and vegetables, has the biggest impact on the lives of average Mongolians. Imported consumer goods are still very expensive, and much of…

Overview

Health challenges: Finding safe channels to address shortcomings in the provision of care
OBG
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Of all the major sectors in the Mongolian economy, only one has failed to stage a significant recovery since the end of socialism. Industry, agriculture, mining, manufacturing and education have managed to claw themselves back from the collapse after the end of Soviet subsidies, and some are now in better shape than they were previously during the 1990s. Health care has not. While it is much improved…

Overview

A look at the landscape: An overview of the tax system and its implications
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Economic and business activities in Mongolia are regulated by a variety of laws, principally the Company Law of 1999, with a major revision in 2007, the Civil Code of 2002, 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 several forms of business entities, which…

Overview

Outside looking in: Foreign investors welcome as the reform process continues
OBG
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Two issues facing any prospective investor in a developing nation are what is permitted and whether the laws of that country will protect their investment. For several years it has been recognised that Mongolia has tremendous potential, not just in terms of mineral resources, but also in agriculture and renewable power generation. The country treasures its independence, but as a functioning democracy,…