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Analysis

A third neighbour: Traditionally dependent on Russia and China, the country is actively seeking to broaden its international relations
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Foreign relations have traditionally been dominated by the country’s giant neighbours, Russia and China. As a landlocked nation, it is dependent on these two global powers for land access to the global markets beyond them. Furthermore, the Chinese and Russian markets have long accounted for the vast majority of both Mongolia’s imports and exports. Seeking to bring more advantageous terms…

Analysis

One of a kind: A new livestock insurance initiative helps herders recover losses
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Perhaps the most innovative component of Mongolia’s insurance sector is a recently launched livestock management policy. The Index-based Livestock Insurance Project (IBLIP), which is specifically tailored to the country’s unique needs and extreme environment, is among the first of its kind to be put into practice. Under IBLIP, indexed insurance is used to cover livestock instead of applications…

Analysis

Going public: Mongolian IPOs could stand out in a lagging global economy
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Though 2012 looks like a breakout year for Mongolia, the economic outlook for much of the rest of the world seems to be dull at best. One of the key questions for Ulaanbaatar’s investment community is how much foreign interest there will be in 2012, and whether Mongolia will stand out as a good investment option or be dragged down by outside factors. On the surface, Mongolia looks poised to…

Analysis

Broader horizons: The state looks to diversification to further strengthen the economy
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Operators of the Oyu Tolgoi copper and gold mine forecast that its copper production alone could account for a third of Mongolia’s GDP by 2020. This highlights mining’s importance to the economy, as well as the need for greater diversification. The global economic crisis of 2008-09 amply demonstrated the imperative of spreading out, as Mongolia was hit hard by falling commodity prices. While…

Analysis

Guaranteed returns: The small bond market is on the way up
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The bond market in Mongolia is one of the world’s youngest. The government has committed to regular bond sales only since 2010, and a pioneer in the corporate segment appeared in August of the same year. Despite this small base, growth in the segment looks likely in the coming years, due in large part to the needs of the mining industry. As of October 2011 there were $172m in government bonds…

Analysis

Desert deposit: Coal from the south is set to transform the sector
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One of the top priorities in Mongolia in 2012 will be resolving the issue of development and production at Tavan Tolgoi (TT), the world’s largest undeveloped coal deposit, which holds an estimated 6.4bn tonnes of coking and thermal coal. It appeared that an agreement to develop the site was reached in July 2011 by a consortium of Mongolian, Chinese, Russian and US interests. However, since…

Analysis

On the docket: A number of upcoming changes are expected to spur expansion
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While modifying regulations involving insurance have not yet achieved prominence in Mongolia’s current parliamentary calendar, once they do rise to the top of the agenda key issues to be debated include mandating motor and professional liability insurance; allowing firms more control over how they deploy their investment account; and increasing the minimum capital requirement, currently MNT1bn…

Analysis

In and out: Deposits and loans have been rising sharply
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The domestic lending market is simultaneously shaking off the effects of the international financial crisis and gearing up for what promises to be the most active and important period in its short history, since the country transitioned from communism to capitalism when the Soviet Union collapsed. Lending rates have come down considerably, banks have learned from multiple mistakes and the regulatory…

Analysis

Make it official: The government is working to update the licensing system
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As the mining sector moves from potential to actual production, one of the main challenges is to streamline the licensing system. Decisions in the past have left the country exposed to licence hoarding, environmental concerns and corruption. In recent years, several steps have been taken to combat these issues. Taken together, they amount to an extended campaign to reduce the number of licences.…

Analysis

Party politics: Economic growth remains a shared priority
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Since it first held a general election, back in 1990, Mongolia has had a series of nationwide ballots, both for its parliament, the State Great Khural (SGKh), and for its president. The year 2012 sees elections for the SGKh held once again, with a variety of parties, groups and factions vying for power. LONG-TERM PEDIGREE: The party with the longest history, as well as the longest period in…