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…
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.