The 18th largest country in the world, Mongolia is the most sparsely populated nation on earth. Modern Mongolia shares borders with China and Russia.
Economic activity in Mongolia has traditionally been based on agriculture and livestock. The country’s grassy steppe is largely unsuitable for agriculture. Just under a third of the population remains nomadic – rearing livestock on a subsistence basis. Mongolian infrastructure is weak, and the country is dependent on its two neighbours for exports. Key exports include gold, copper, livestock and animal products, wool, coal and crude oil.
Mongolia is blessed with substantial mineral resources: in particular coal, copper, gold, tin and tungsten. In recent years foreign investors have begun to make inroads into the Mongolian economy, chiefly through mining. The Mongolian economy has grown at a fast pace in recent years due to an increase in mining. Mining accounts for around 80% of exports and 22% of GDP. However, because much of Mongolia’s output is destined for the export market, Mongolia has experienced a slowdown caused by decreased growth in China. The Oyu Tolgoi mine, the largest single foreign-investment project in Mongolian history, is expected to account for one-third of Mongolia’s GDP by 2020.
Based in Ulaan Bataar, Mongolia’s capital city, HLB Mongolia offer assistance in the areas of accounting, auditing, business advisory, payroll, tax, valuation and internal control.