Economy


Economic Overview
Geographically Mongolia is located between Russia and China. The territory is 1.6 million sq. km (three times of France). The population is 2,5 million, almost 213 of which is under 30. Literacy rate is over 90 per cent. Since 1990 Mongolia has been vigorously pursuing simultaneously political and economic reforms. The 1992 Constitution legally guarantees the reform process.
The country is rich in mineral resources: coal, copper, molybdenum, uranium, gold, iron, phosphates, tin, nickel, zinc, wolfram and fluorspar and crude oil.

Mongolia has over 30 million heads of livestock, thus ranking first in per capita ownership, including 13,8 million sheep, 10,2 million goats, 3,1 million cattle, 2,6 million horse and 322,3 thousand camels which provide high-quality agro-processing raw materials.

The pristine and unpolluted nature and the environment are yet another wealth of Mongolians.

Favorable conditions for economic cooperation

• Rich, yet unexplored natural resources;
• Vast territory and pastures, large quantity of livestock;
• Bordering on immense markets of the two largest countries
• Russia and China, with each of which it enjoys good relations and most-favored-nation treatments;
• Proximity to the rapidly developing markets of the Asia-Pacific region;
• In terms of human resources, Mongolia is a young nation with a relatively healthy and well-educated population; Pursues open economic policy;.

*Preliminary estimates

(Source: Monthly Bulletin of Statistics 2004, 2005
               The Bank of Mongolia Annual Report 2004)