Policy & Advocacy

In the first quarter of this year, the Ministry of Industry and Mineral Resources announced that the industrial and mineral resources sector alone accounted for 27 percent of Mongolia’s gross domestic product (GDP), 33 percent of budget revenue, 94 percent of export income, and 81 percent of foreign direct investment. Although these figures are frequently cited, the general public does not always grasp the magnitude of this sector or how its fluctuations directly affect the nation’s economy. [...]

The U.S. Department of State released the 2025 Mongolia Investment Climate Statement. The 2025 Statement presents a balanced assessment of the potentials and challenges that U.S. investors may face as they explore the Mongolia business environment. Read our Mongolia Investment Climate Statement her [...]

Energy demand in Mongolia is rising sharply due to mining expansion and population growth. However, the energy system remains challenged in meeting this growing demand. So far, energy sector investment has relied heavily on public and concessional financing, technical assistance, and project financing provided by multilateral development partners. To achieve long-term stability and efficiency, it is crucial to transition the market-driven sector, laying the foundation for Mongolia’s energy independence and enabling domestic production to supply most of its energy needs. [...]

What is Mongolia’s strategy for its mining sector? The UN Trade and Development’s Investment Policy Review stated back in 2013 that Mongolia possesses abundant natural resources and holds significant potential for economic growth [...]

This Guide provides some background on the U.S.-Mongolia commercial relationship, emerging policy issues, and basic information about how to do business in the U.S. This is for general informational purposes only and is not intended to serve as a definitive reference for companies interested in doing business in the United States. [...]

Doing business in the USA involves navigating legal, financial, and regulatory landscapes, but with proper preparation and knowledge, it can be highly rewarding. Start by identifying your business idea, planning your strategy, registering your business, and staying compliant with taxes and regulations. With the right resources and approach, you can successfully launch and grow your business in the U.S. [...]

To effectively attract foreign investment, it is essential to establish a favorable tax environment. Given that a significant portion of budget revenue is derived from the export of mining products and raw materials, it becomes necessary to develop a tax framework that attracts investors, and promotes manufacturing, export, and the processing of value-added goods. [...]

Mongolia reached upper-middle-income status (UMIC) in 2024 due to its coal-driven economic expansion in 2023. Following years of mining sector expansion, the East Asian nation attained UMIC status for the first time in 2015. That status, however, was only temporary, as a 2016 economic crisis resulted from expansionary macroeconomic policies and foreign shocks to the minerals industry. The mining sector accounts for one-fourth of GDP, 31 percent of state revenue, nearly 80 percent of foreign direct investment, and 92 percent of exports. This heavy reliance makes the country vulnerable to external shocks. In recent years, authorities have tried to develop a prudent banking and financial sector to upscale the capital market’s role. [...]

Mongolia continues to advance its digital transformation with initiatives like the E-Mongolia platform and key legislative steps to secure data protection and cybersecurity. There are emerging success stories and cases of the private sector driving these developments in generative AI platforms and blockchain innovation. Economic diversification efforts are supported by e-commerce initiatives, with international collaborations enhancing digital infrastructure and literacy. Despite the rapid progress, challenges such as the digital divide, sustainability concerns, and the need for coherent and clear legal frameworks remain. AmCham’s Digital Economy and ICT Committee is in the driver’s seat, advocating a key policy agenda and presenting Mongolia’s case regionally and its digital transformation success stories. This paper reviews the latest legal framework, emerging opportunities and challenges, regional and global trends, and specific case studies in advancing the development of generative AI platforms in Mongolia. [...]

Mongolia’s frontier market and vast potential natural resource reserves represent potentially lucrative opportunities for investors but vulnerability to external economic and financial shocks, ineffective dispute resolution, and lack of input from stakeholders during rulemaking warrant caution. Mongolia imposes few market-access barriers, and investors face few investment restrictions, enjoying mostly unfettered market access. Franchises such as fast food and convenience stores, outperforming expectations, suggest that investors can bring successful international business models to Mongolia. The cashmere apparel and agricultural sectors also show strong promise. However, investing into potentially highly lucrative but politically sensitive sectors, including mining and energy, carries higher risk. [...]

The Parliamentary Election Guide provides an overview of the new election system, the amendments to the Constitution, a comparative review of the major political parties’ platforms, and AmCham’s recommendations for supporting a free market and free enterprise. AmCham Mongolia is an unbiased, non-partisan organization representing the interests of its members. The Chamber is committed to constructively engaging with newly elected authorities regardless of their political affiliation. [...]

This paper was prepared by the Financial Services Committee of the American Chamber of Commerce in Mongolia (AmCham) and the Foreign Direct Investment Working Group of EuroChamber Mongolia (EuroChamber) under the leadership of the Chairman of the AmCham’s Financial Services Committee, Shaukat Tapia, and Co-chairman of the FDI working group, EuroChamber’s Daniel Mahoney. All rights to this publication remain with AmCham and EuroChamber.Any part of the report may be freely reproduced with the appropriate acknowledgment. [...]