Mongolia has large mineral deposits including gold, copper and coal. Much of the country is still to be surveyed. There’s potential for British companies in mining exploration, extraction and production, supplying mining equipment and technologies and providing related research and consultancy services.
Renewable energy opportunities
Mongolia has abundant solar and wind power resources, along with some hydropower opportunities. British companies can get involved in this sector by using their expertise and knowledge to provide new technologies and services.
Top five UK goods exported to Mongolia , in the four quarters to the end of Q3 2023
|Goods||Value (£ million )|
|Iron & steel||1.4|
|General industrial machinery (capital)||1.3|
|Scientific instruments (capital)||1.0|
Total import value (into the UK from Mongolia) and export value (from the UK into Mongolia) over time
|Year||Imports (£ million )||Exports (£ million )||Total trade (£ million )|
ONS UK total trade: all countries, seasonally adjusted
Last updated: October 2023
Total trade is the sum of all exports and imports over the same time period.
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Mongolia: at a glance
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Opportunities for exporters
There are opportunities for UK companies across a broad range of industries. Our trade advisers in Mongolia have identified particular opportunities for UK businesses in the following sectors:
Engineering consultancy services
Several large mining companies have decided to hold an initial public offering (IPO), which creates the need for consultancy services. International expertise is particularly valuable when a Mongolian organisation is raising funds, or conducting a feasibility or environmental study.
Supply of mining equipment and technologies
A number of mining companies are keen to adopt efficient new technology. Large international mining conferences are held in Mongolia every year. These offer good opportunities for UK companies to showcase their mining equipment and expertise.
New power stations
A number of new wind and solar facilities are being built to meet the planned demand. UK companies can find opportunities by offering their expertise in related areas such as hydro power and the development of clean air and green energy strategies.
A government priority
The government’s renewable energy targets have stimulated the need to increase capacity. The Ministry of Energy is keen to explore new ways of improving Mongolia’s energy production in terms of air quality, self-sufficiency and sustainable energy production. UK companies can capitalise on the resulting opportunities.
Promoting cashmere worldwide
Mongolia exports cashmere to many countries, including the UK. There are opportunities for UK companies to help the country expand this activity and promote a quality product by developing trade with the UK, or to use their technological expertise to build Mongolian processing facilities.
Meat processing and marketing
There are vast herds of sheep, goats and cattle in Mongolia. Processing facilities need to be upgraded to improve capacity, quality and sanitation. This is creating openings for UK companies with expertise in meat processing and marketing technologies.
Respect for British education
British education is seen in Mongolia as being of a high quality, and schools in the country which operate the Cambridge international curriculum are much in demand. With the Mongolian government planning to expand the number of schools running the Cambridge programme, there’s a requirement for UK knowledge and experience in this field.
Opportunities are available for UK institutions to partner with their counterparts in Mongolia, particularly in the field of Technical and Vocational Education and Training (TVET). The country gets much of its wealth from mining activities, and these need to be supported by engineers, technologists, scientists, technical workers and skilled labour with good English language skills.