• The GDP grew significantly, by 17% in 2011 and 5.2% in 2019.
• Mongolia’s economic outlook is positive as the mining sector is growing every year and developing huge projects such as Oyu Tolgoi, one of the largest copper and gold mines in the world, and Tavan Tolgoi, the world’s largest thermal and metallurgical coal deposit.
• Major infrastructure and industrialization are developing very rapidly.
• The service industry accounts for about 50% of the economic structure. IT and communications are also developing rapidly in Mongolia. The country also has great agricultural potential with its pasture-based livestock farming.
• The Mongolian government has established a coherent policy to maintain a stable and legal environment for foreign investment and has provided favorable conditions for investment procedures and regulations.
• Mongolia joined the World Trade Organization in 1997. The WTO agreements have been widely incorporated into Mongolian domestic law. Since joining the organization, Mongolia has adhered to the General Agreement on Tariffs and Trade. Mongolia’s main tariff is set at 5%, with a ceiling of 20%.
• Mongolia, along with 43 other countries, is a party to the Agreement on the Protection and Promotion of Foreign Investment, which provides protection to foreign investors.
• According to the 2021 Index of Economic Freedom, Mongolia ranked 14th out of 41 countries in the Asia-Pacific region, with an overall score above the average score in the region.
• The World Bank also ranked Mongolia 81st out of 185 countries.

In recent years, a new agency to promote trade and investment in Mongolia, the Invest Mongolia Agency, has been established and has published the Guide to Investing in Mongolia. This comprehensive guide provides useful information for foreign investors on doing business in Mongolia, including visa status, company registration, taxes, labor, trade laws, and more.