Ulaanbaatar
Mongolia's Growing Economy and Favourable Investment Environment Underscored
Economy
Ulaanbaatar, July 10, 2023 /MONTSAME/. "Mongolia Economic Forum-2023" is taking place on the second day in Ulaanbaatar. About 1,700 domestic and foreign delegates are participating in the Forum, where rapid economic growth of Mongolia after the global "Covid-19" pandemic is being highlighted.
On the second day Deputy Prime Minister, Minister of Economy
and Development of Mongolia Ch. Khurelbaatar delivered keynote speech “We are ready”, noting the current
state of the economy, business and investment environment, infrastructure
condition, and the proven reserves of mineral resources. Here are some underscoring figures in his presentation.
The Economic
Conditions:
The total economy of Mongolia has reached USD 16.8 billion and
is ranked 124 out of 196 countries.
The gross domestic product per person reached USD 5033,
ranking 119th out of 196 countries.
The economic growth is approximately 5.1 percent and ranks 11th.
The export amount reached USD 12.5 billion.
Foreign exchange reserves are back to normal and inflation
is going down.
Despite three difficult years of the Covid-19 pandemic, the
credit rating remains stable.
Favourable business
environment:
It is ranked 81st by the World Bank's "Enjoyable
Business Environment"
73rd out of 176 countries in the Economic Freedom Index by
the Heritage Foundation publication
71st out of 132 countries in the Global Innovation Index.
74th out of 193 countries in UN e-Government Development Index.
Investment
environment:
33rd out of 211 countries with its average tax burden or the
country with low taxes;
One of the 16 countries with the lowest VAT;
One of the 6 countries with the lowest cooperate income tax;
Mongolia has a double taxation agreement with 26 countries;
It has concluded an Agreement on the Mutual Protection and Promotion
of Foreign Iinvestments with 43 countries
Infrastructure
environment:
To be newly
commissioned railway network is +2336 km
New railway network +2,966 km
Number of airports that can receive International flights +6
Proven Mining
Resources:
Mining operations are taking place in 3.7 percent of the
total territory with 2,557 special licenses;
Copper reserves - 69.9 million tons
Coal 33.4 billion tons
Iron ore 1.84 billion tons
Gold 448.1 tons
Uranium 192 thousand tons and
Mongolia has Oil reserves of 332 million tons.
