Mongolia Articles & Analysis

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With the dramatic decrease of foreign direct investment (FDI) over the past year or so, Mongolia’s lawmakers have done much – including consulting with various stakeholders – to kick-start the economy. A number of new laws and regulations have been passed in the hope of creating a legal framework that will be more appealing to foreign investors.

The Accounting Law of Mongolia was passed in 1993 – well before the Company Law (1999) was introduced – and it was one of the first business laws to embrace the country’s transition to a market economy. The Accounting Law introduced the accrual method of accounting and required that entities follow international accounting standards when preparing financial statements....

Foreign investors that are looking to engage in business in Mongolia must be aware of the local tax code and regulations. The following provides an overview of the common concerns and questions facing those who engage in business in the country and are attracted to the wide range of opportunities afforded by Mongolia’s rich mineral resources.

In February 2014 Mongolia’s Ministry of Culture, Sports and Tourism – now the Ministry of Environment, Green Development and Tourism (MEGDT) – introduced a new tourism slogan: “Mongolia, Nomadic by Nature”. The tourism tagline was commissioned by the government and developed by CNN’s Tourism Advertising Solutions and Knowledge Group in preparation for Mongolia’s turn as...

The tourism industry has taken on an increasingly central role in Mongolia in recent years. In 2013 the country saw more than 415,000 incoming visitors and a reported market turnover of $263m, which represented around 4% of GDP at the end of the year, according to data from the government and Internationale Tourismus-Börse (ITB) Berlin. Indeed, in 2015 Mongolia served as...

Lodging options for incoming visitors to Mongolia have increased dramatically over the past decade. While current, comprehensive data on the number and type of hotels is haphazard at best, according to recent estimates, Mongolia was home to at least 20 four- and fivestar properties as of the end of 2013, in addition to an equal number of two- and three-star hotels,...