Country Profile
From The Report: Mongolia 2014
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Mongolia is home to a vast desert in the south, large freshwater lakes in the north-west and dry, grassy plains throughout most of the rest of its territory. Although its borders stretch 8220 km, its only neighbours are the superpowers Russia and China, a fact that has shaped much of Mongolia’s political and economic history. The country has a vast wealth of mineral resources – over 6000 deposits of roughly 80 different minerals in total, worth an estimated $1.3trn, including coal, copper, gold, silver and iron ore. With a string of successful elections now under its belt, Mongolia’s democracy is more than two decades old. Debate can still be sharp, though, with issues such as the distribution of natural resources – particularly regarding the country’s vast mineral wealth – still in progress.
This chapter contains interviews with President Ts. Elbegdorj; and Prime Minister N. Altankhuyag.

Articles from this Chapter

Overview

Re-establishing momentum: The government must overcome political and regulatory uncertainty
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For a relatively young democracy, Mongolia has taken giant steps in developing its socioeconomic and political system. The values of democracy are today very much instilled in Mongolian society, which is significant given the country’s socialist past. Economic development has also been a major achievement in recent years, as the country has seen a significant inflow of foreign direct investment (FDI), especially in the mining industry. Indeed, Mongolia had the fastest-growing economy in the world…

Interview

OBG talks to President Tsakhiagiin Elbegdorj
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Interview:President Tsakhiagiin Elbegdorj With a new investment law in place, what are the next steps for your administration to ensure the long-term stability of investments in Mongolia? TSAKHIAGIIN ELBEGDORJ: Mongolia is a country that is capable of fixing past mistakes. It is an open country, and we need investments if we want to avoid capital shortages, currency depreciation and inflation. Improving the legal environment in order to attract investments again and regain the confidence…

Interview

OBG talks to Prime Minister Norovyn Altankhuyag
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Interview:Norovyn Altankhuyag What areas of Mongolia’s economy have the most potential to contribute to GDP growth and achieve greater diversification? NOROVYN ALTANKHUYAG: Since 2012, we have been trying to diversify our economy, and we are currently having discussions and taking actions in this direction. Agriculture is an area that has great potential for growth, especially in animal husbandry, which has two segments in particular that would benefit from development. There is a great…

Analysis

Competing demands: The country maintains a long-standing balancing act between its powerful neighbours
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Since Mongolia emerged from the break-up of the Soviet Union two decades ago, it has developed a strong commitment to democratic governance and economic liberalism, a commitment that it has demonstrated via six presidential elections and seven parliamentary ones, and its democratic institutions have rapidly matured, despite the substantial challenges faced by any transitional economy. This transition has taken place within the constraints of some long-standing geopolitical realities, with the strategic…