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Mongolia Courts Foreign Investors

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The Debate

Mongolia Courts Foreign Investors

Mongolia is looking to draw foreign investment while simultaneously heading towards fossil fuel self-sufficiency.

Mongolia Courts Foreign Investors
Credit: Electric Power Plant In Mongolia Via Shutterstock

Northeast Asia is a tough neighborhood for a country to stand out in these days. With China, Japan and South Korea as its major economic powerhouses and North Korea as its perennial basket case, Mongolia often manages to fly under the radar despite its huge ambitions on the world stage and activist foreign policy under the leadership of President Tsakhiagiin Elbegdorj. Economically, Mongolia sees its fortunes on the rise as well. According to officials in the Mongolian government, the nation is looking to make over a fifth of the huge country available for mining and could end its dependence on foreign oil by the end of the decade.

According to Bloomberg, Mongolia’s ambitious plan to ease restrictions on mining could bring in excess of $1 billion in investment this year. While Mongolia’s economy remains dependent on minerals, with little economic diversification, the massive boon from this regulatory step would continue its massive economic growth well through the end of the decade. In 2011, Mongolia had the world’s fastest growing economy, growing at an astonishing rate of 17.5 percent. This slumped to 11.7 percent last year — a still more-than-impressive growth rate for a country that is looking to break out onto the world stage.

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