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Investment Environment in Mongolia
Frontier Securities, Aug 2010, Pages: 13
Mongolian GDP in 1999 was roughly 925 billion MNT, however, this figure is to grow exponentially to 18700 billion MNT by 2019, according to the study of Foreign Investment and Foreign Trade Agency (FIFTA). The main driving force behind the rapid economic development will be the mining industry, which now (as of 2009) accounts 18.4% of GDP and 58% of industrial output. In order to achieve the stated rapid growth, Mongolia will need a help from foreign investors in form of foreign direct investment.
Investment friendly legal environment:
The law on foreign investment was passed on 1993, for the purpose of encouraging investments, protecting rights and property of foreign investors, and regulating matters relating to the foreign investment. Mongolia has ranked at 60 out of 181 economies in terms of ease of doing business, where it takes only 3-5 days and 7 documents to start a business in Mongolia. In addition, Mongolia has the lowest tax rates in the region with corporate tax of 10% for profit of less than 3 billion MNT and 25% for profit more than 3 billion MNT. Not only the tax regime, Mongolian government has taken numerous actions to protect investors such as joining WTO, Multilateral Investment Guarantee Agency, Seoul Convention on Investment Insurance, Washington Convention on Investment dispute Settlement, and signing various agreements, such as Mutual Protection and Promotion of Investment with 41 countries, General Agreement on Trade and Economy with 24 countries, Avoidance of Double Taxation with 34 countries, etc.
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