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Wednesday, July 6, 2011

Mongolia Briefing is a magazine and daily news service about doing business in Mongolia. We cover topics relating to the Mongolian economy, the market in Mongolia, foreign direct investment and Mongolian law and tax. It is written in-house by the foreign investment professionals at Dezan Shira & Associates

Mongolia Connects to Hong Kong with Direct Flights and Consulate

May 31 – Mongolia has strengthened its ties with Hong Kong through the creation of a new consulate, and the establishment of bi-weekly direct flights to Ulaanbaatar. The links bring increased exposure to the financing and business opportunities in the country as Mongolia seeks to attract investors to help the nation develop its new-found wealth.

Mongolia’s GDP is currently among the fastest growing in Asia and is currently running at 12 percent growth this year, with expectations it will rise to 30 percent by 2013. A boom is taking shape in the light of massive coal, gold, copper, uranium and oil and gas reserves that are likely to transform the nationals of this vast, yet sparsely populated nation into U.S. dollar millionaires within a few years. Hong Kong provides the closest regional financial hub and global expertise required to service the development of this transition.

Over the last few months, nearly every flight into Mongolia has been running at capacity, not just with tourists, but filled with investment bankers, hedge fund managers and investors keen to acquire a share in Mongolia’s future. The financial base for a majority of the deals is in Hong Kong and the business community that invests in Mongolia is also based in Hong Kong.

The opening of the new route, which is set to be very profitable for Mongolia’s national airline MIAT, also signifies a stepping stone towards the eventual privatization of MIAT within the next couple of years. The non-stop route between Hong Kong and Ulaanbaatar will be served by a Boeing 737-800 aircraft every Thursday and Sunday, providing 12 seats for business class and 150 seats for economy class. On Thursday, the flight departs Hong Kong at 11:55 a.m. and departs Ulaanbaatar at 6:25 a.m.; on Sunday, it departs Hong Kong at 1:05 p.m. and departs Ulaanbaatar at 7:40 a.m. in the morning. HKSAR passport holders can enjoy the convenience of up to 14 days visa-free access to Mongolia.

Mongolia has also recently opened consulates in San Francisco and Osaka.

Dezan Shira & Associates can assist with business establishment, tax and advisory matters into the Mongolia market. Please contact the firm at info@dezshira.com.

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