With a growing population of 3.2 million people, Citigroup analysts determined Mongolia to be one of the ‘Global Growth Generating’ countries, which are countries with the most promising growth prospects for 2010–2050.
Exportation relationships are mainly with China, receiving 90% of Mongolia's exports by value and accounting for 60% of its foreign trade, while Russia is responsible for supplying 90% of Mongolia's energy requirements. Mongolia has begun seeking positive relations with a wider range of other nations especially in cultural and economic matters, focusing on encouraging foreign investments and trade.
The country's proficiency in math is another plus. This year, Mongolia ranked 26th in the International Mathematical Olympiad, just behind France and Canada, and up from 50th place in 2010. This should lead to a positive encouragement in white-collar industries, in a country mainly known for its agricultural activities.
The government is fully behind the blossoming IT industry. In 2018, it launched the Hub Innovation Centre, the nation's first facility that directly supports start-up businesses. It is also not hindering the industry with undue regulation, which essentially allows companies to use the country as a test bed before expanding overseas.
Please download our ‘Doing Business in Mongolia’ guide below for more information, and we hope you find it helpful. If you have any questions, please feel free to contact us on info@ima.uk.com
