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Report | The Report: Mongolia 2015

Given the significant foreign direct investment needed to achieve its development goals, Mongolia has strong motivation to improve its attractiveness to investors. The government is therefore adjusting its policies, while new laws are expected to gradually reinvigorate foreign investment flows.

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Chapter | Legal Framework from The Report: Mongolia 2015

This chapter outlines the Mongolian legal environment, focusing on changes that include a new Investment Law, Petroleum Law and an amendment to the Minerals Law that is expected to boost FDI. It also contains a viewpoint from David Beckstead, Foreign Legal Consultant at Lehman, Lee & Xu.

Chapter | Tax from The Report: Mongolia 2015

This chapter outlines the tax environment in Mongolia, focusing on the new investment law, account regulations, corporate income taxation and other subjects. It also contains a viewpoint from D. Onchinsuren, Country Managing Partner, Deloitte Onch LLC.

Chapter | Tourism from The Report: Mongolia 2015

The tourism industry has taken on an increasingly central role in Mongolia in recent years. In 2013 the country saw more than 415,000 incoming visitors and reported market turnover of $263m, which represented about 4% of GDP at the end of the year. These moves are in line with the government’s ambitious short-term and medium-term objectives, which include increasing international arrivals to 600,000 in 2015 and 1m by 2017. These goals will be supported by a considerable reworking of Mongolia’s tourism regulatory framework, which was under way as of April 2015. Broadly, under the new legislation, the government plans to take on a more active role in the development of the tourism sector and to work to facilitate increased transparency and competitiveness in the private sector. Most local players agree that Mongolia has the potential to eventually become a sizeable and highly profitable tourist destination. The country’s many tourism assets bode well for growth, as does the government’s restructuring effort. This chapter contains an interview with B. Indraa, Executive Director, Tourism for Future NGO, and Director of the Governing Board, Mongolia National Tourism Organisation.

Chapter | Agriculture from The Report: Mongolia 2015

Over the past decade or so the agriculture sector – one of Mongolia’s oldest industries – has remained integral to the country’s long-term development strategy. Until just a few years ago the majority of Mongolia’s population was involved in herding or farming in one way or another, and as recently as 2011 more than 30% of the country’s workforce was employed in agriculture. While this figure is expected to decline in the coming years, largely as a result of steadily increasing rural-urban migration, a considerable percentage of the population will likely continue to be involved in agricultural activities – primarily in the livestock segment – for the foreseeable future. Generally speaking, production levels and overall food quality are improving across the sector, and exports are increasing apace. The cashmere segment in particular continues to provide high revenues for many Mongolian companies and individual herders, and opportunities for meat and other animal-product exports bode well for future growth. This chapter contains an interview with Sh. Gungaadorj, Former Mongolian Prime Minister, and Head, Mongolian Farmers and Flour Producers Association.

Chapter | Industry & Retail from The Report: Mongolia 2015

Holding up during difficult times and helping to take the edge off the commodity cycle, industry in Mongolia has contributed significantly to the economy. While resource prices have been dropping and related economic activity and foreign direct investment are not at expected levels, manufacturing and processing have been growing, with industrial production up almost 15% in 2013, providing a measure of countercyclical support. More investment is needed in the industry and retail sectors, and many of the most promising industries have been largely ignored by investors and the government, crowded out by mining and minerals opportunities. Still, the events of recent years have demonstrated that a more diversified economy is needed and manufacturers are evolving to capture new opportunities. This chapter contains interviews with M. Oyunchimeg, CEO, Mongolian National Chamber of Commerce and Industry; and Ts. Erdenebileg, CEO, APU Company.

Chapter | Telecoms & IT from The Report: Mongolia 2015

Since it was liberalised in the early 1990s, Mongolia’s telecommunications sector has grown rapidly. As of the first half of 2014 the four major mobile operators reported more than 4.3m registered users in total. This figure is considerably higher than the population, which means many residents own more than one SIM card. Increases in mobile penetration have facilitated rapid technological improvements across all four mobile operators, as well as steadily rising competition. Given the growth potential in the data segment, local players are looking forward to rising revenues. Indeed, Mongolia’s nascent ICT industry – which overlaps considerably with the telecoms sector – is in the early stages of what many local firms expect to be a period of considerable innovations. Despite broader challenges facing the country, the domestic technology industry is regarded as a strategic growth area and the government has made a concerted effort to encourage the sector to invest in expansion. With this in mind, most local players see a bright future for Mongolian ICT. This chapter contains interviews with Ts. Jadambaa, Chairman, the Information Technology, Post and Telecommunications Authority; and R. Ganbold, CEO, Unitel; and a viewpoint from P. Margad-Erdene, Executive Director, ICN LLC.