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.
Latest insights, case studies and news from across the network
Transactions Outlook 2020: Mid-Year Review
COVID-19 has shaken the M&A market and deal value sharply decreased in the first half of 2020. We explore the transaction outlook for the rest of the year in our...
Sea change or temporary adjustment? The demand for office space
In our next real estate insights, we look at the shifts in the office space market caused by the pandemic. Will demand for office space maintain or is change temporary?
Ireland and Apple successfully appeal EU Commission tax ruling
In what was a surprising move in the EU General Court, Ireland and Apple successfully won their appeal against the €13.1bn tax ruling by the EU Commission.
Get in touch
Whatever your question our global team will point you in the right directionStart the conversation