2026 ROADMAP
2026 presents a defining mix of volatility and opportunity. Domestically, Mongolia is navigating a post-election landscape, with public frustration centered on systemic corruption, high inflation, and widening inequality. The government’s renewed push for anti-corruption and digital governance offers a critical opening for AmCham’s long-standing transparency agenda. Economically, projected mining-led growth (5.7 percent) is tempered by high inflation (7.2 percent) and weakening Chinese demand. The recent dzud (extreme winter conditions) underscores the fragility of the non-mining economy. Meanwhile, the 2025 Mongolia Investment Climate Statement issued by the U.S. Department of State warns that “caution is warranted” due to “ineffective dispute resolution” and the risk of “expropriatory” new laws, such as the 2024 legislation on strategic deposits. Regionally, the U.S.-Mongolia “third neighbor” partnership is at its strongest point in history, fueled by a U.S. strategy of “friendshoring” strategic supply chains in critical minerals and clean energy. However, Mongolia remains physically isolated, struggling to access global trade routes. Domestically, businesses and investors continue to face regulatory unpredictability and the subjective application of laws. The absence of clear legal pathways and timelines for inspections, investigations, and dispute resolution is profoundly damaging to business confidence and investment. More concerningly, businesses report the weaponization of the legal system, signaling growing political interference in the private sector and inflicting serious reputational harm. Urgent legal and policy reforms are essential to restore trust. Our 2026 strategy, the High-Trust Economy, directly confronts these challenges. We will position AmCham members as the solution to Mongolia’s domestic crisis of trust and the indispensable partner in advancing its third neighbor ambitions.