Doing Business in Mongolia
Mongolia has achieved remarkable success over the past two decades in transforming itself from a socialist country with a planned economy into a vibrant multi-party democracy with one of the world’s fastest growing economies.
- GDP growth reached 17.5 percent in 2012 at its peak and averaged 11.7 percent in 2014.
- The economic outlook for Mongolia is quite positive because the mining sector will extend even further and large scale projects such as Oyu Tolgoi –one of the biggest copper and gold mine in the world, Tavan Tolgoi – biggest metallurgical and thermal coal deposit as well – are being undertaken.
- Major infrastructure and industrialization are at the brink of rapid development.
- Services industry makes up around 50 percent of economic structure. IT and communications are very rapidly developing in Mongolia. It has a great agricultural potential with its pasture-based animal husbandry.
- The Mongolian government aims to run a consistent policy of keeping a stable legal environment for foreign investment and offering a favourable condition for investment procedures and regulations.
- Mongolia acceded to the World Trade Organization (WTO) in 1997. The WTO agreements have been largely incorporated into Mongolia’s domestic law. Mongolia has complied with the General Agreement on Tariffs and Trade upon its accession to the WTO. The majority of Mongolia’s tariffs are set at 5% with a ceiling of 20%.
- Mongolia has entered into a Foreign Investment Protection and Promotion Agreement with 43 countries which offer protection to foreign investors.
- According to the Economic Freedom Index 2014, Mongolia is ranked 18th out of 41 countries in the Asia–Pacific region, and its overall score is above the regional average.
- The World Bank also ranked Mongolia 42th out of 189 countries in 2014 on the Ease of Doing Business.
- Foreign Investment Regulations and Registration Department – http://investmongolia.com
- A listing of business networks, industry associations and other useful contacts – Networking Opportunities
- Mongolian National Chamber of Commerce and Industry – www.mongolchamber.mn
- Mongolian National Mining Association – www.miningmongolia.mn
- General Department of Taxation – www.mta.mn
- Customs General Administration – http://ecustoms.mn/
- Mongolian Law on Investment – Download in English , Download in Mongolian
Fur further information on setting up a business in Mongolia, please visit: Investment Guide Mongolia 2016