for your investment decisions in Mongolia.
Industries+
Treasure Chest
Strengthening financial ties: insights from the Mongolian Capital Markets Day in Shanghai
November 24, 2023
In a pivotal event held in Shanghai, China, the “Mongolian Capital Markets Day” showcased a
Mongolia’s economy expands 6.9 percent
November 17, 2023
Mongolia achieved GDP growth of 6.9 percent in the first 9 months of 2023. This
Mongolia will boost minimum wage by 20% in 2024
November 16, 2023
In a move towards enhancing workers’ livelihoods, Mongolia’s Ministry of Labor and Social Security has
Export rises 24.3 percent in the first 10 months of 2023
November 15, 2023
Mongolia experienced a notable 24.3 percent increase in exports in the first 10 months of
Mongolia drops to 76th place in 2023 Global Talent Competitiveness Index
November 13, 2023
Mongolia finds itself at the 76th position out of 134 countries, marking a slight decline
Mongolian parliament approves ambitious 2024 Budget
November 10, 2023
The Mongolian Parliament has given the nod to the state budget for 2024, marking a
INVEST IN MONGOLIA
Why Mongolia?
Mongolia has a wealth of natural resources and minerals, promising unprecedented growth potential for the country. It is one of the world’s leading sources of mineral deposits, with over 8,000 known occurrences of 80 different types of mineral deposits identified across 170 mining sites. Among these sites are 2,500 tonnes of gold, 53.6m tonnes of copper, 1.7b tonnes of iron ore, 1.7m tonnes of zinc and 332.6m tonnes of oil reserves. The largest deposits are the Erdenet Copper Mine, Oyu Tolgoi, Tsagaan Suvarga, Gatsuurt, Tavt, Asgat, Bayangol, Tumurtei, Tumurtei Ovoo, and the Bargilt iron ore deposits.
INVEST IN MONGOLIA
About Mongolia
Mongolia is located in the north-eastern part of Asia and borders Russia and China. The country has a vast territory, nomadic culture, and rich mineral resources. Having adopted the democratic model, the country became an exemplary case in the region. Demographically, the majority of the population is made up of a rapidly growing young generation. Mongolia’s GDP per capita has tripled over the last 30 years, rapidly assimilating new advanced technologies, broadly displaying transparent governance, and being very future-oriented.
INVEST IN MONGOLIA
COUNTRY RISK
This section focuses on major potential risks in Mongolia’s society, politics, and economy.
Mongolia has vast resources of both discovered and undiscovered minerals. The country has a strategic advantage due to its proximity to China, the world’s biggest consumer of commodities. In terms of infrastructure, direct flights operate from the capital city of Ulaanbaatar to the global financial-economic centers of Hong Kong, Seoul, and Tokyo, only 3-4 hours’ flight away. In addition to its connections with other major developed cities, the country also has a well-developed road and railway infrastructure.
Mongolia has vast resources of both discovered and undiscovered minerals. The country has a strategic advantage due to its proximity to China, the world’s biggest consumer of commodities. In terms of infrastructure, direct flights operate from the capital city of Ulaanbaatar to the global financial-economic centers of Hong Kong, Seoul, and Tokyo, only 3-4 hours’ flight away. In addition to its connections with other major developed cities, the country also has a well-developed road and railway infrastructure.
INVEST IN MONGOLIA
GOVERNANCE
The executive branch of the state is the Government of Mongolia. The government is usually headed by the leader of the party with the majority of seats in the parliamentary elections, or by the Prime Minister. Following a 2019 constitutional amendment, the government was given more political power, giving the Prime Minister the ability to form its cabinet and submit to the parliament for approval.
Companies list
INDUSTRIES
Industry Background
Mongolia’s mining industry is highly regarded globally, particularly in terms of its rich deposits of minerals such as coal, copper, gold, and molybdenum. The country is one of the largest producers of coking coal and is considered to have some of the largest untapped mineral resources in the world. The mining sector is a significant contributor to Mongolia’s economy and is expected to continue to grow in the coming years.
INDUSTRIES
Key commodities
Mongolia is ranked 23rd internationally in terms of its reserves of coal. The largest consumer of this vast coal resource is China. Mongolia single-handedly supplies 30-40% of China’s coking coal demand as one of the biggest competitors in the China’s market.
DOING BUSINESS
VISITING MONGOLIA
All visitors to Mongolia require a visa unless they come from a visa-exempt country. Depending on the purpose of visit, 62 categories of visa classified under nine types are issued, according to the Mongolia Immigration Office.
A foreign national can apply for a visa at the invitation of a Mongolian citizen or business entity.
Organizations, business entities, and citizens inviting foreign nationals must apply for the appropriate category of “visa permit” to the Office of Foreign Citizens and Naturalization in advance and obtain a visa for entry from the Diplomatic Mission and Consulate of Mongolia overseas.
A foreign national can apply for a visa at the invitation of a Mongolian citizen or business entity.
Organizations, business entities, and citizens inviting foreign nationals must apply for the appropriate category of “visa permit” to the Office of Foreign Citizens and Naturalization in advance and obtain a visa for entry from the Diplomatic Mission and Consulate of Mongolia overseas.
DOING BUSINESS
HOW TO INVEST IN MONGOLIA
The Mongolian government has initiatives in place to welcome foreign investment and in general, Mongolian law prohibits any discrimination against foreign investors. This is in line with the Mongolian government’s efforts to support economic growth by ratifying a new investment law effective in 2013.
DOING BUSINESS
SETTING UP A BUSINESS IN MONGOLIA
Investors are provided with the same conditions when setting up a new business within the territory of Mongolia.
DOING BUSINESS
OPERATING A BUSINESS IN MONGOLIA
For stays in Mongolia of more than 30 days, or for the purposes of obtaining double entry or multiple-entry visas for work or study, an official approval from the Immigration Agency of Mongolia is required. A representative in Mongolia may make the request for approval on your behalf. Visas are valid for entry within 90 days upon the date of issue and the duration of stay commences on the date of arrival into Mongolia.