With a population of approximately 2.8 million people and a land mass ¼ the size of the United States, Mongolia is the most sparsely populated independent country in the world. A country of incredible beauty and deep history and culture, Mongolia also possesses a vast amount of untapped natural resources. While Mongolia transitioned to a market economy in the early 1990s it has only been in the last few years that its growth potential and economic turnaround have come to the attention of international investors. Indeed, Mongolia is one of the fastest growing emerging markets in the world with an estimated GDP growth rate of 15% for 2012 an a predicted rate of over 25% for 2013. Although landlocked, the country’s uniquely situated between two of the biggest industrial markets in the world, namely China and Russia. The Mongolian government has also implemented a “third neighbor policy” aimed at Japan, South Korea, Europe and the United States in order to stimulate trade beyond its borders. Currently, the main industries in Mongolia are mining and agri-business. It has also experienced strong growth in secondary industries such as mining supply, infrastructure development and real estate in the past few years.
In order to support the growth in mining as well as stimulate the domestic economy, the Mongolian central government is making a concerted effort both to improve infrastructure and to develop domestic manufacturing in order to produce value-added goods for export such as petroleum products, textiles, cement, etc. Many new infrastructure projects have already begun or are in the advanced planning stage. Important large capital projects include; railway expansion to the Chinese and Russian borders, Sainshand Industrial Park, several new coal burning power plants, wind and solar farms.
Our team has direct, on-the-ground experience in Mongolia in the areas of engineering, manufacturing, construction and real estate. We can assist you in technology overview analysis, marketing research, infrastructure projects, establishment of representative offices, establishment of local manufacturing facilities, translation of legal or business documents.