MONGOLIA

FROM THE REDACTION

In 1990 Mongolia casts aside soviet regime that existed in the country for 70 years and begins new political and economic reforms. The increased demand for consumer goods in 2004 indicate rising of the living standard in the country.

Mongolian Chamber of Commerce and Industry was established 1960, but the rights of the chamber were restricted because of the socialist system. Its activities both inside the country and all over the world are increasing starting from 1995, but there are serious obstacles that are the result of a wrong foreign policy.
Agriculture plays an important part in Mongolian economy. Copper, coal, tin, gold, tungsten are mined in the country.
In spite of huge mineral resources, the indicators of 2000, 2001 and 2002 were equal to zero, which was caused by decreasing of prices for the main Mongolian export product. In 2002. the indicator of Mongolian GDP grew and equaled to 4%, in 2003 it was 5% because gold and copper prices increase sharply. Mongolian government claims that GDP indicator in 2004 makes up 10,6%, but it has not been verified.
Mongolian economy receives strong blows from the neighboring countries. It buys 80% of fuel products and the main part of electric power in Russia, and the prices for them are constantly increasing. China is the country’s main export partner and represents the main source of shadow economy. According to the World Bank and the international financial institutions, the shadow economy is almost equal to the official one. In 1997 Mongolia enters the World Trade Organization and tries to integrate with the Asian region in the economy and trade sphere
Mongolian Chamber of Commerce and Industry
TEL:(976) 11312501
Fax:(976) 11324620
Chief Executive – Serod Ichinkhorlu