Despite abundant resources, Mongolia has struggled to shore up its energy security and decrease its dependence on Russia for refined fuel and electricity. The government has made some headway in diversifying fuel imports and improving its terms of trade, while several mid-stream projects could develop domestic refined fuel production. Meanwhile, important refurbishments of Mongolia’s ageing...
Mongolia Energy
Given the significant foreign direct investment needed to achieve its development goals, Mongolia has strong motivation to improve its attractiveness to investors. The government is therefore adjusting its policies, while new laws are expected to gradually reinvigorate foreign investment flows.
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With a focus on curbing political risk to encourage new investment, Mongolian authorities are striving to build a competitive industry to develop the country’s abundant natural resources. Copper regained its place as Mongolia’s top export in 2014, and is the primary focus of new exploration alongside gold and niche minerals such as fluorspar and rare earth metals. While the coalition...
Given the significant foreign direct investment needed to achieve its development goals, Mongolia has strong motivation to improve its attractiveness to investors. The government is therefore adjusting its policies, while new laws are expected to gradually reinvigorate foreign investment flows.
Despite abundant reserves of coal and rich potential for wind, solar and hydroelectric power, Mongolia has lagged in exploiting its natural resources. From generation to transmission to distribution, the country’s power infrastructure is outdated, and reliance on foreign imports is growing. Aware of this, the government has been pushing to fast-track a range of projects that, if successful,...
The mining sector is a major contributor to the local economy, accounting for 22% of GDP, 61% of industrial value-added, 94% of exports by value and 85% of foreign direct investment in 2012, according to figures from the National Statistics Office. Mongolia’s main proven reserves include coal, copper, hard-rock and placer gold, silver, iron ore, molybdenum, fluorspar, zinc, tungsten, lead, tin,...
Since the country’s transition from communism two decades ago, the Mongolian economy has experienced rapid liberalisation. Sectors including ICT and insurance are expanding quickly and, while the mining sector has been responsible for making Mongolia a rising star in the global economy, there is great potential for further growth in all economic sectors.
While a significant nomadic population still pushes its herds across the steppe, young adults in Ulaanbaatar use fibre-optic networks to access the internet. Heir to the legacy of Chinggis Khan, Mongolia is fast emerging as a land rich with economic potential – a country that is seeking growth while also working to preserve its unique national culture.