Trade, linked with investment, is rapidly becoming a necessary conduit of growth for Mongolia. The recent boom in trade and investment, linked to the mining sector, has transformed Mongolia into a highly outward oriented economy. International Economics through its CEO provided technical assistance to develop a Trade and Investment Roadmap (TIR) for Mongolia.
Develop a Trade and Investment Roadmap (TIR) for Mongolia
The Project at A Glance
What We Found
Trade and investment are becoming a necessary conduit for growth in Mongolia and a priority for the country’s development objectives. There is a growing realization by both public and private sectors that targeted export development and investment in outward looking sectors are a necessary condition to foster sustainable and inclusive growth. The TIR provides evidence of this and proposes a roadmap to leverage the opportunities for trade and investment into long-term sustainable growth.
We assessed the different constraints and opportunities for Mongolia and helped developing a cohesive national TIR to reinforce policy convergence, institutional alignment and strategic private sector support. The aim was to design a roadmap which will provide strategic orientations and actions to guide product and market diversification of Mongolia’s exports, and in turn contribute to more stable and sustainable economic growth.
Our Strategy and Impact
While significant improvements have been made in Mongolia’s macroeconomic environment and trade and investment performance, the actions taken under the TIR address important remaining challenges in order to drive inclusive and sustainable growth through increased and diversified exporting and attraction of investment.
Key takeaways for our research include:
- Diversification and innovation are needed to foster sustained and inclusive growth.
- Crosscutting issues, such as trade policy and quality management will be crucial to enhance export competitiveness and access new markets.
- New trade and investment agreements may be beneficial.
- Institutional constraints limit the effectiveness of trade and investment promotion.
Our team highlighted, that Mongolia’s clearest path to achieving national development goals is maximizing retention of its mineral value and reinvesting in the creation of an enterprising, innovative, and export-oriented private sector with a sound offering of high value-added goods and services to diversified markets
Our Core Solutions
As businesses seek to expand operations into new markets, the need to explore global supply chains and understand the international regulatory framework becomes crucial. At International Economics Consulting, we build tailor-made strategies for both import and export-oriented business solutions.