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Mongolia is open for business
The past two years have proven to be a difficult time for countries and citizens around the world. Under the leadership of Prime Minister Luvsannamsrain Oyun-Erdene, Mongolia has come together since the beginning of 2021 and has effectively managed the Covid-19 pandemic, minimizing the spread of the virus from outside the country. The country’s vaccination program has proven to be highly effective, with 96% of the population having received at least one dose, 92% being fully vaccinated and more than half having already received a booster dose. As a result, Mongolia is safe, secure, open with minimal restrictions and open again for business, foreign direct investment (FDI) and tourism. The country recently announced a new recovery policy designed to enable Mongolia to successfully transition from the Covid-19 pandemic to a full post-pandemic recovery, as well as meet its Vision 2050 commitments. The policy is a sheet of road to industrialization, higher gross domestic product (GDP) growth and economic liberalization, hopefully helping to secure Mongolia’s cultural and economic future by creating new opportunities for its people and communities .
Over the past 20 years, life expectancy has increased from 62.2 years to 70.33 years. Likewise, gross domestic product per capita has increased by nearly 400%, leaving Mongolia on the fast track to becoming a top Asian country. The country’s Vision 2050 strategy, which begins with the new stimulus policy, will hopefully advance social development by expanding the vibrant cultural and arts scene, quality of life and economic growth. Such an endeavor will hopefully ensure equal opportunities and participation for all Mongolians. The vision includes nine fundamental goals and 50 specific objectives, with expected results for each of the stages of implementation over 10 years. By 2050, the strategy is designed to have generated sustainable economic growth, a better quality of life, smart and sustainable governance, and a predominant and prosperous middle class. Improving the quality of life is one of the main objectives of the strategy. The government must ensure that it can provide clean water, food, technological innovations, affordable housing, quality education and an accessible and efficient healthcare system for all citizens. In doing so, the government will improve public services and ensure their accessibility to all, in addition to creating a balanced and sustainable economy and labor market.
The government expects national income per capita to double under the new 10-year stimulus policy, average growth maintained at 6% in the long term and labor force participation of up to 65%. To do this, the government plans to spend 120-150 trillion Mongolian tugriks (about $40-50 billion) by 2030. The new stimulus policy consists of six pillars designed to address key economic constraints: border ports, energy, industrialization, urban transport and rural development, green development and state efficiency. The authorities want to fully connect border ports by rail and new roads, improve the management of Mongolia’s airspace and airways to increase the number of transit flights and establish a cargo transit hub. If successful, there will be a three-fold increase in border port capacity and a doubling of the national rail network.
Energy sources will also double during this period; new ones will be obtained to strengthen the existing energy sector, improve while establishing new transmission and distribution networks, and develop renewable energy facilities. All this with the aim that stored resource stations and water facilities are built to ensure a stable and reliable integrated energy system. Moreover, it will boost the economy, create jobs, ensure a reliable energy supply and become more sustainable. To continue its growth, Mongolia will have to transform from a supplier of raw materials to an industrialized state to increase its exports and meet national development needs. This will include the development of value-added heavy industry, digitalization, advanced technology and increasing the volume of new services, products and production. The country will also focus on blockchain, artificial intelligence and other advanced technologies.
The Mongolian government has announced that it is committed to improving infrastructure and the quality of life throughout the country. The capital, Ulaanbaatar, is currently too densely populated. Representing only 0.3% of Mongolian territory, the city nevertheless represents nearly half of the population. As part of the country’s urban and rural revival goals, they will reduce traffic congestion, improve public transport and intensify the development of new residential areas, satellite towns and free economic zones. At the same time, the government also announced its intention to implement regional economic development policies, allowing Ulaanbaatar to decongest and operate more efficiently while spreading the wealth and resources currently concentrated there.
In addition, the government has committed to sustainable development efforts and is making progress toward meeting the Paris Climate Accord. The authorities said they will strengthen environmental protection by improving and developing new renewable technologies in line with new global trends. Likewise, plan to work with public initiatives, businesses and organizations to effectively launch the national “Billion Trees” movement that will help rehabilitate severely degraded and deserted areas. In addition, throughout the implementation of the other elements of the new recovery policy, the government will set up environmentally friendly waste recycling plants, protect water resources and preserve and guarantee national traditions. environmental protection.
To combat the efficiency of the state, the government has indicated its intention to replicate the policy of the new turn of 1932. This will be achieved by identifying the optimal structure of government, digitization, strengthening of the judicial system and the transfer control of public enterprises to the public. . The Mongolian government has also declared its intention to remain committed to ensuring respect for human rights, fair justice and a country free from corruption as an essential element of success and compliance with international standards.
While it is vital to maintain good relations with neighboring countries, they are ready and enthusiastic to embrace new deep business partnerships through FDI. During the annual Mongolia Economic Forum, they hosted domestic and foreign stakeholders, participating in the first forum since the pandemic. The event featured keynote addresses from Prime Minister Luvsannamsrain, President Khurelsukh, as well as departmental ministers and stakeholders, including Mr. Marcello Estevão of the World Bank and Michael McAdoo of the Boston Consulting Group. The forum showcased the progress Mongolia has made so far and how it will continue to develop through achieving the various recovery goals. To facilitate business and attract foreign investment, especially in the important mining industry, the government said it would digitize the mining licensing process, increase the number of licenses and reduce surface mining costs. . The country’s main exports include minerals, such as copper and gold, and agricultural products, including cashmere.
Mongolia has always been home to a rich cultural history and heritage. It is imperative that, while continuing to progress and open up to foreign investment and tourism, they remain true to their identity with shared national values. It is its deep history and culture along with its breathtaking landscapes and friendly people that should make Mongolia so attractive to the world. This nation-state is a welcoming place with unlimited potential and opportunities that will hopefully realize their full potential through its Vision 2050 and new recovery policy. The message is short and sweet: after two years of global pandemic, Mongolia is open for business.