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Analysis

Outgoing inputs: Coking coal could eventually comprise a substantial percentage of exports
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Mongolia will soon be one of the world’s key producers of coking coal, one of the two main ingredients for making steel. In 2011 the country overtook Australia as the single largest supplier of coking coal to China, the world’s biggest importer. As of late 2011 local coal mining firms were reporting lower prices than earlier in the year, as Europe’s sovereign-debt issues cast doubt on the…

Analysis

Plentiful potential: The country is home to major deposits of rare-earth minerals
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With Mongolia’s mining sector suddenly drawing international attention, one frequently asked question is whether or not the country can provide a steady supply of rare-earth minerals – a list of 17 elements crucial to the large-scale manufacturing of a wide range of items. Ramping up exploration for this set of crucial raw materials is one of several priorities for Mongolia’s mining sector.…

Analysis

Open field: Recent regulatory and economic reforms make the business environment more attractive
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From a closed Communist system two decades ago, Mongolia has become one of Asia’s most open economies. Hand-in-hand with the rise of democracy, economic reform has led to radical changes in the business climate. Growth is now led by the private sector and investors from around the world are welcomed. Mongolia’s economy is relatively open and pro-business, though improvements could still…

Analysis

Precious metals: A major copper and gold project has caused controversy
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The 2011 autumn session of Mongolia’s parliament, the Grand Huraal, began with a shot heard across the globe. Prime Minister S. Batbold’s opening remarks on October 6 called for a major change to the mining agreement that had promised to put Mongolia on the map. On the advice of a group of about 20 parliamentarians, he said the country should seek a greater stake in the Oyu Tolgoi (OT) mine,…

Analysis

Price pressure: With expansion throughout the economy comes rising inflation
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While Mongolia’s double-digit GDP growth is helping transform the country and makes it an emerging market star, it also contributes to double-digit inflation. High inflation is probably the single-biggest macroeconomic concern for the country since the end of the global economic crisis. While this is a sign of the economy’s success, rising prices are a serious issue for ordinary Mongolians,…

Analysis

Trading places: External demand is driving a spike in trade
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Largely trade-oriented, the Mongolian economy is powered by growing mineral exports and oiled by imports of capital and consumer goods. Volumes have risen over the past two years as the mining sector has geared up, while external demand and prices both remain strong. MINERAL MIGHT: In 2010 Mongolia’s total foreign trade turnover surged by 51.8% to reach $6.11bn, with exports rising 54.3% to…

Analysis

Brand recognition: Introducing labels and expanding chains
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The retail sector in Mongolia has made great strides in recent years, in step with its fast-paced economic growth. Although largely confined to the capital city of Ulaanbaatar, this transformation has brought luxury retail, chain stores, hypermarkets and other retail strategies that have elsewhere presented challenges to the old model of small markets and independent sellers. As of late 2011 there…

Analysis

Nuclear plans: Uranium deposits have opened up new opportunities
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While in the early stages, ambitious plans to develop a nuclear power industry will likely be put into motion in the years ahead, as will developments to expand the country’s uranium mining assets. This could position Mongolia as a leading player in the Asian nuclear fuels market, with high demand for feedstock and power. Several challenges remain, however, not the least of which is developing…

Analysis

Changing gears: Industry priorities are set to shift as development continues
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Though the industrial and manufacturing base in Mongolia is tiny and facing significant structural challenges, several niches within this economic sector seem ideally suited for growth, and progress is already measurable. Segments including beverages, food processing, fast-moving consumer goods and pharmaceuticals look poised for expansion. Many of the metrics global investors look for in frontier…

Analysis

On track: Railway network expansions are planned to improve trade links
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For many years Mongolia was largely inaccessible by rail, but in 1947 work began on the Trans-Mongolia line, a southern spur of the famous Trans-Siberian railway, connecting Europe with the Pacific. By 1955, the line had been completed, running 2215 km from the Russian to the Chinese border, via the capital, Ulaanbaatar. Add to this two earlier lines, one from Choibalsan to Borzya in Russia (built…