Recent times have seen a jump in economic growth and per capita GDP in Mongolia. A small market with a narrow industrial base, the country runs an open trade policy under its commitments through the World Trade Organisation, applying 5% tariffs on key goods such as minerals. Mongolia’s coalition government has sought to rebuild investor confidence with a slew of legislation since October 2013, although a rebound in foreign direct investment will take time to emerge. Much still depends on resolving disputes with key investors, especially with Rio Tinto over phase two of the Oyu Tolgoi copper and gold mine. While lower economic growth will be the price to pay for macroeconomic stability, the government hopes to catalyse foreign investment in mining, petroleum and infrastructure to jump-start the next phase of development.
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