Mongolia

Though largely part of the informal economy, Mongolia is nevertheless no stranger to renewable energy – solar panels are a common sight perched outside gers (herders’ felt tents) across the country, used to power televisions and lamps. These account for only an estimated 0.1% of the country’s electricity mix, however. Yet the renewables story...

While economic growth is forecast to be in the double digits for 2012, the slowdown in GDP growth from 16.5% year-on-year (y-o-y) in the first quarter 2011 to 11% in the second quarter, election jitters and the migration to a new trading framework kept investors largely on the sidelines in 2012. Equities realised significant value over the last two...

With the economy growing 17.3% in 2011, the numbers show a broad-based expansion, but ultimately the mining sector was and will continue to be Mongolia’s main GDP driver. The country is on the verge of breaking through as the next major resources economy, and is perfectly situated just to the north of perhaps the world’s most resource-hungry economy...

Just 22 years after embracing the market economy Mongolia has been going through another cycle of economic and political headwinds, although the country’s fundamental macroeconomic indicators appear to be more solid this time round.

It is a great honour for me to have a chance to speak to the democratic progress that Mongolia has made and the example that has been set. I believe as strongly as I ever have that Mongolia is an inspiration and a model, and I am grateful for our two nations’ partnership as we have worked together – not only just between the US and Mongolia, but also as Mongolia has...