Major transport projects will provide new opportunities for foreign investors
Mongolia is looking to expand its economy – and its exports – by processing more of its natural resources to move up the value chain, according to President Tsakhiagiin Elbegdorj.
Elbegdorj told the global publishing, research and consultancy firm Oxford Business Group (OBG) that the move would enable Mongolia to bring more added value to its natural resources and export them to China, Russia and East Asia.
“We would like to see more value-added products in Mongolia,” he said. “We are looking to produce, process and add significant value to our raw materials.”
Elbegdorj said that while the country’s Development Bank would provide financing for a long list of projects, Mongolia would also seek out foreign investment for its major infrastructural developments, which include roads, railroads and power stations.
He added that plans to expand Mongolia’s rail infrastructure would enable the country to strengthen connectivity with its neighbours and extend its reach through East Asia. “We have one access point to Russia, through Trans Siberian Railways, and one with China,” he said. “We would like to build more exit points with both of our neighbours and through that we can also access East Asian countries and beyond.”
The full interview with Elbegdorj appears in The Report: Mongolia 2012, OBG’s forthcoming guide on the country’s economic activity and investment opportunities. The Group’s report will include a detailed, sector-by-sector guide for foreign investors, together with a wide range of interviews with the most prominent political, economic and business leaders.
Elbegdorj added that major reforms earmarked for the legal and judiciary system would form a key component in Mongolia’s economic development, helping to pave the way for the country to play a greater role on the international stage.
“The business community should trust and believe in our courts and legal system,” he said. “We would like to make Mongolia more relevant to global matters. Mongolia can be a big player in the mining world – copper, for example – where we can dictate prices, and cashmere, of which we are the second biggest producer.”
The Report: Mongolia 2012 will mark the culmination of more than six months of on-the-ground research by a team of analysts from OBG. It will provide information on opportunities for foreign direct investment into Mongolia’s economy and will act as a guide to the many facets of the country including its macroeconomics, infrastructure, banking and sectoral developments. It will be available in print form or online.
About Oxford Business Group
Oxford Business Group (OBG) is a global publishing, research and consultancy firm, which publishes economic intelligence on the markets of Asia, the Middle East, Africa, and Latin America. Through its range of print and online products, OBG offers comprehensive and accurate analysis of macroeconomic and sectoral developments, including banking, capital markets, insurance, energy, transport, industry and telecoms. The Report: Mongolia 2012 will be produced in partnership with the Business Council of Mongolia and the Foreign Investment and Foreign Trade Agency (FIFTA).
The critically acclaimed economic and business reports have become the leading source of business intelligence on developing countries in the regions they cover. OBG’s online economic briefings provide up-to-date in-depth analysis on the issues that matter for tens of thousands of subscribers worldwide. OBG’s consultancy arm offers tailor-made market intelligence and advice to firms currently operating in these markets and those looking to enter them.
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