Interview:President Ts. Elbegdorj To what extent is your focus on transparency and how are you ensuring the rule of law protects domestic and foreign investors? PRESIDET TS. ELBEGDORJ: The legal environment for investment is very important, of course. One of the core areas of my activities is to ensure the rule of law. Mongolia used to have a Soviet-style legal and judicial system, and this…
Interview: P. Batsaikhan Mongolia is set to see several years of high double-digit growth. Are local producers able to deal with supply side pressures and stay ahead of demand? P. BATSAIKHAN: At the moment most companies need to import a large part of the raw materials needed for production. However, in some cases, the increasing demand from local consumers may enable local producers and manufacturers…
Interview: M. Bold What drives growth in the banking sector? M. BOLD: Retail banking is ahead of corporate banking at the moment. Due to a lack of qualified employees in the corporate banking segment, we are currently not able to provide the solutions those clients need, like low-cost loans and longer terms. Banks need to overcome this challenge by hiring skilled personnel and increasing their capital…
Interview:President Ts. Elbegdorj To what extent is your focus on transparency and how are you ensuring the rule of law protects domestic and foreign investors? PRESIDET TS. ELBEGDORJ: The legal environment for investment is very important, of course. One of the core areas of my activities is to ensure the rule of law. Mongolia used to have a Soviet-style legal and judicial system, and this…
Interview: T. Batzul What regulatory changes are needed to facilitate the investment of premiums? What could be done to increase insurance penetration rates? T. BATZUL: Insurance firms are normally among an economy’s institutional investors, but current legislation prohibits this in Mongolia. Certain authorities are actively working to address this issue to permit insurance companies to enter the…
Interview: Bob Carr How have relations between Australia and Mongolia developed over the past decade? BOB CARR: Both countries share similarities, including market economies, democratic institutions, and economic strengths in the agriculture and resource sectors. With our location and natural resources, we are both benefitting from strong growth and rising demand in China and elsewhere in Asia. I…
Interview: Ch. Ulaan In what way are measures being taken to reduce fiscal spending and curb inflation? CH. ULAAN: One key measure to lower inflation is to reduce fiscal spending and expenditure. Financed by the lump sum of mining revenue, fiscal spending has increased sharply, as have social welfare benefits, leading to rising inflation, motivated by demand. However, fiscal expenditure has…
Interview: Prime Minister N. Altankhuyag What are the government’s current priorities in terms of economic development, and how can Mongolia move beyond minerals and mining? PRIME MINISTER N. ALTANKHUYAG: The new government is focusing on three main priorities. The very first is to create jobs for the Mongolia people, for which we have created a separate Ministry of Labour. The second one is to…
Interview: Victor V. Samoilenko How would you assess the role Russian firms play in the Mongolian economy and its trade relations? VICTOR V. SAMOILENKO: Russian firms have been present in Mongolia since the Soviet era and include flagships in the economy like Erdenet, which produces copper and Molybdenum concentrate, Ulaanbaatar Railroad (UBRR), and Mongolrostsvetmet. They are the main contributors…
Interview: N. Zoljargal To what extent is there a risk of overheating in the economy, and what measures are being taken to protect from inflationary pressures in 2013? N. ZOLJARGAL: Asia has been a core engine of global economic growth, and Mongolia has displayed some of the region’s strongest prospects. Mongolia’s real GDP grew by over 17% in 2011 and the economy has expanded by about 16% per…
