The establishment of Boubyan Petrochemical Company in 1995 ended the government’s monopoly of the petrochemicals industry, but the activities of the state-owned Petroleum Industries Company (PIC) – often in partnership with private entities – continues to define the development of the sector. As a subsidiary of the Kuwait Petroleum Corporation (KPC...
Given Mongolia’s small population, almost half of whom are still nomads, the country does not seem at first glance like the ideal spot for high-end shopping. However some of the world’s most exclusive retailers have opened up in Ulaanbaatar. Central Tower, a Grade A office tower across from the city’s geographic, political and social focal point,...
With the capacity to produce 30% of global supply, Mongolia is the world’s second-largest producer of cashmere. Cashmere is perhaps Mongolia’s most important industry, and efforts are now under way to modernise, market and organise it. Cashmere sales average about $180m, according to the Mongol Cashmere Association (MCA). The industry is of major...
Though the industrial and manufacturing base in Mongolia is tiny and facing significant structural challenges, several niches within this economic sector seem ideally suited for growth, and progress is already measurable. Segments including beverages, food processing, fast-moving consumer goods and pharmaceuticals look poised for expansion. Many of...
The retail sector in Mongolia has made great strides in recent years, in step with its fast-paced economic growth. Although largely confined to the capital city of Ulaanbaatar, this transformation has brought luxury retail, chain stores, hypermarkets and other retail strategies that have elsewhere presented challenges to the old model of small...
Just a few decades after the shift from Mongolia’s communist era to a market economy, the country’s industrial base remains small. Government support for the sector and some significant natural resources work in its favour, but several factors present obstacles to growth. They include geography, infrastructure, corruption and bureaucratic hassle,...
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