Although landlocked between China and Russia, Mongolia’s priority is to cultivate trade and investment links with its “third neighbours” – a phrase first coined in 1990 by US Secretary of State James Baker to describe Mongolia’s relations with the US. A WTO member since 1997, Mongolia has since lowered barriers to trade. With a growing array of...
The Bank of Mongolia (BOM) pursued cautious and targeted monetary easing in 2013 in a bid to maintain macro stability, prevent credit crunch risk, and offset the impact of reduced exports and foreign direct investment. Amid benchmark interest rate cuts totalling 2.75 points in January (0.75), April (1) and June (1) to 10.5%, the BOM has used...
Which sectors provide opportunities for cooperation between the City of London and Mongolia?
Ranked 133rd of 148 in the World Economic Forum’s 2013 Global Competitiveness Index for overall infrastructure quality, Mongolia’s domestic and regional connectivity is hampered by poor-quality roads, inadequate power supply and the limited reach of its railways. From 2012 the government began investing heavily in infrastructure development,...
What areas of Mongolia’s economy have the most potential to contribute to GDP growth and achieve greater diversification?
Legislative changes in early 2012, like the Strategic Entities Foreign Investment Law (SEFIL), combined with a global trend of capital outflow from developing countries, unnerved investors and led to 17% and 47% year-on-year drops in foreign direct investment (FDI) in 2012 and the first three quarters of 2013, respectively. In November 2013, the...
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