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
Germany reduces VAT rates to help strengthen economy
To strengthen its economy and to mitigate the economic consequences of COVID-19, the German government announces a reduction of VAT rates.
Business as unusual: Are business leaders ready for life after lockdown?
How are business leaders around the world preparing for life after lockdown and re-opening their businesses?
The ''New Normal'' for hospitality businesses
COVID-19 severely impacted hospitality businesses. As lockdown restrictions are easing up, what does the ”New Normal” look like for owners of restaurants and bars?
Get in touch
Whatever your question our global team will point you in the right directionStart the conversation