Services

Tourism Sector Accounts for Nearly 4% of Mongolia’s GDP

Mar. 16 – Mongolia’s travel and tourism sector directly contributed around US$256.3 million to the country’s gross domestic product in 2011, accounting for almost 4 percent of the total. Furthermore, it is forecast to rise by 7.3 percent in 2012, according to the World Travel and Tourist Council’s (WTTC) recent report titled, “Travel and Tourism: Economic Impact. Mongolia.”

The total contribution of the industry – direct, indirect and induced – is even larger and accounts for US$592.4 million, or 9 percent of Mongolia’s GDP, and is forecasted to rise by 6.4 percent in 2012. By comparison, the global average for direct industry contribution to GDP is 5.12 percent and for overall economic impact – 13.8 percent. Continue reading →

Posted in Aviation, Business, Markets, Services | Tagged Mongolia Economy, Mongolia GDP, Mongolia Tourism, Tourism Industry | Leave a comment

Mongolia Inaugurates Development Bank

May 20 – The Mongolian Government has officially opened the Development Bank of Mongolia, with a mandate to provide policy loans in infrastructure, industry, energy and roads.

“The contribution, expectations and responsibility of the Development Bank are absolutely high” said Prime Minister Batbold at the opening ceremony on May 12.

Mongolia is experiencing an economic boom that is expected to see this tiny economy with a GDP of just US$6 billion last year achieve significant growth over the next 30. Fueled by massive reserves of coal, copper, rare earths and many other minerals, the nation is set to become as wealthy as Qatar – provided the right institutions can be put in place. Continue reading →

Posted in Business, Finance, Markets, Services | Leave a comment

Mongolia’s Opportunities and Legal, Tax and Economic Developments

Seminar in Beijing on Wednesday, March 23 featuring Chris Devonshire-Ellis

Mar. 17 – This event will analyze the emerging investment climate taking place in Mongolia as a result of the massive mineral reserves and wealth found in the country. Prompted by the recent governmental reforms discussed at the Mongolia Economic Forum held at the beginning of the month in Ulaan Baatar, this event will showcase investment opportunities and challenges in Mongolia, including mining, in addition to new secondary industries. The event will provide an introduction to the “Wolf Economy”, as well as an overview of the applicable legal and tax regulations. Continue reading →