The Global Advances Group attended the 1st Annual Mongolia Investment Conference on September 7th at the Chinggis Khaan Hotel in Ulaanbaatar, Mongolia. Government officials, industry leaders and CEOs across Mongolia’s sectors including banking, finance, natural resources, and corporates were present to discuss exciting opportunities that are changing the Mongolian landscape.
Mongolia’s Prime Minister S. Batbold reminded investors that Mongolia is set to become the world’s fastest growing economy throughout the next decade. Predicted economic growth is estimated at 19% per annum until 2025 and will be largely fueled by the country’s undeveloped copper (Oyu Tolgoi) and coal (Tavan Talgoi) deposits, the world’s largest.
Numerous investment opportunities exist across an array of industries including mining, mineral processing, infrastructure, construction materials, energy, property, banking, and the consumer sector.
Despite these optimistic projections, the country also faces of number of challenges, as expressed by Mr. N. Zoljargal, Deputy Governor of the Bank of Mongolia, namely there are:
- Structural issues (infrastructure, logistics)
- Institutional issues (lack of regulatory frameworks
- Socio-economic issues (poverty, education, employment)
- Lack of economic diversification
Over the course of the next year, the Global Advances team will be closely following Mongolia’s developments via its local partners.