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Mongolia looking to expand relations with the world through industry and trade

Article - September 18, 2012
The Mongolian President, Elbegdorj Tsakhia extends his hand to the world to as the country seeks to improve its trading capabilities
With massive reserves of copper, gold, silver and coal, Mongolia is a booming economy and the second fastest growing country in the world: GDP has grown ten times in the last decade to $11 billon GDP in 2011 and the country has opened its frontiers to  foreign investment, which amounts to $ 300 million.  Mongolia, which only 20 years ago had a political regime similar to countries like Cuba or North Korea, has become the “chairman” of the community of democracies in the region. Mongolia has fluid relations with a wide group of countries such as the United States, South Korea, North Korea, Russia, Cuba, China and the United Kingdom. Mongolia has an investment-friendly environment, including 43 bilateral investment treaties and numerous investment opportunities in agriculture, textiles and manufacturing, infrastructure, tourism and mineral resources. In fact, the country plans to transform itself into the “Switzerland of Asia.”

 “Mongolia is a country with many opportunities and we really want to engage with our partners in Europe and around the world because it is in line with our national interests,” said Mongolian President, Elbegdorj Tsakhia, in an exclusive interview with Wordfolio.

The relationship with the United Kingdom is of special interest. Some of the largest British companies -BAE Systems, Standard Chartered, the London Stock Exchange, Cambridge University and Hogan Lovell- are important investors in Mongolia and are contributing to the country both through direct investment and through mentorship.

“I think Mongolian companies have a lot to offer to UK companies. Of course, UK companies have very good management, corporate governance and leading research and technology divisions. Mongolia can offer the opportunities related to green energy and  bridge infrastructure,” explains Mr. Tsakhia. The key topics in Mongolia, he says, “are going to be the infrastructures and the developments related to the steel and mining sectors.”