Population: 3.329 million (2021) World Bank
Currency: Tögrög (MNT)
Time: Mongolia Standard Time is GMT (UTC) +8, some areas of Mongolia use GMT (UTC) +7
- Mongolia is more than 6 times the size of the UK or about the combined size of west and central Europe.
- Boosted by vast mineral wealth with an estimated value of $1-3 trillion as of 2020, the economy has become one of the hottest new frontier markets for international investors.
- Mining is the main driver of Mongolia’s economic sector, accounting for around 25% of GDP and 70% of export revenues.
- Mongolia is estimated to hold over 6,000 mineral deposits but only 25% of the country has been geologically surveyed.
- There are abundant opportunities for British businesses in mining exploration, extraction and production; supplying mining equipment and technologies; and providing related research and consultancy services.
- There are opportunities in rail infrastructure where there is a need to move away from individual trucks exporting minerals by road to China.
- The Parliament of Mongolia ratified the State Policy on Railway Transportation in June 2010, including plans to construct approximately 6,600 km of railway infrastructure in several phases in an effort to extend the unified railway network, utilise large mines, and export commodities from those mines.
- There are opportunities for British businesses specialised in railway technology like railway fasteners, signaling systems, track monitoring systems, and rolling stock.
- Mongolia has huge potential in terms of solar, wind and hydropower.
- A World Bank study estimated that Mongolia had the richest per capita solar and wind resources in the world with estimated exploitable resources of 700 GW of solar and 400 GW of wind.
- This would mean Mongolia could generate around 300 times more than its present total power consumption from variable renewable sources and export to north-east Asia (Asia Super Grid Initiative). However, the country needs to invest in and modernise its energy grid infrastructure if it is to meet its target of producing 30% of its energy through renewable sources by 2030.
- Agriculture employs nearly one quarter of the workforce and generates around 12% of GDP. Opportunities for the UK include agricultural machinery and technologies, cashmere processing technologies, and organic farming.
- Demand for international support for state and private schools and universities is high. There are opportunities to collaborate with schools on teacher training, high quality teaching resources and supporting the development of curricula to meet international standards.
- English language is in high demand, including English training to staff at public schools, working with major mining businesses and exploring innovative online English education pathways to populations in Mongolia’s more remote regions.
- In higher education there is demand for capacity building and partnering with local universities to provide research and joint programs. Vocational training, particularly focused on the construction and maintenance of a number of large-scale infrastructure projects are being developed in line with international standards.
Financial and Professional Services
- UK expertise would be welcome in the growing fintech and green finance sectors. Several large mining businesses are looking at IPOs, creating a need for consultancy services.
- Mongolia is also planning to establish an International Financial Centre (IFC) in Ulaanbaatar. UK expertise in international IFC investment may be crucial in developing Mongolia’s IFC.
- There are opportunities for partnerships between medical educational institutions providing consultancy services, academic exchanges and training of specialists. There is also demand for medical equipment and medicine.
Urban Development and Smart Cities
- Ulaanbaatar is growing fast. There are opportunities to supply equipment, technology, consultancy and engineering solutions for energy efficiency, waste management and city planning. The Ulaanbaatar City government has large infrastructure project plans such as light railway and bridges.
Contact EECAN.ExportHub@fcdo.gov.uk to discuss the opportunities in the region.