Dec. 8, 2008 (China Knowledge) – Mongolia, a North Asian country with rich natural resources, expected to attract more investment from Hong Kong next year, sources reported, citing the country’s president Nambaryn Enkhbayar as saying.
By listing in Hong Kong Stock Exchange (HKEx), which posted a trading volume of US$12 billion in 2007, will be able to help the Mongolian enterprises, especially in the mining sector, diversify their financing channels amid the tight credit policy at home and help them expand further, said the president when attending a conference in Hong Kong.
However, considering the current market conditions, Mongolian enterprises which have been planning to launch initial public offerings (IPOs) in Hong Kong, decided to delay the IPO plans.
Last year, foreign direct investment (FDI) in the country reached US$500 million, representing a year-on-year growth of around 33%. Of all the FDI, two-thirds went into the mining sector, sources said.
Mongolia, which has 2% of the world’s uranium reserves, has set the goal of achieving 12% GDP growth next year, noted Enkhbayar.
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