The mineral wealth of Mongolia, a vast and isolated land, has brought the world to its doorstep. The country’s economy is one of the fastest growing in the world, and production from and investment in its two largest mines should see GDP growth continue to climb.
Growth from the mining sector has spurred expansion in other areas of the economy such as insurance, transport and construction and real estate. At the same time, the government is looking to diversify in other areas such as renewable energy, health care and tourism. With only 3m inhabitants in an area larger than Western Europe, the country has long been known for its unique nomadic culture. Nearly half of all Mongolians still make their living as herders on the steppe, although many have migrated in recent decades to Ulaanbaatar, which hosts a third of the population. Mongolia became a Soviet Union satellite after its former ruler, the Chinese Qing dynasty, collapsed in 1919.
Michael Aldrich, Partner, Hogan Lovells, on the legal system governing foreign direct investment in Mongolia
Peter Markey, Partner, Ernst & Young, on building a qualified workforce for professional services
Joseph R Biden, US Vice-President, on Mongolia’s democratic reforms
Joseph R Biden, US Vice-President, on Mongolia’s democratic reforms
Joseph R Biden, US Vice-President, on Mongolia’s democratic reforms
Joseph R Biden, US Vice-President, on Mongolia’s democratic reforms
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