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Earlier this week the Cabinet of Mongolia approved a national level policy for the development and growth of the Construction Sector. The plan plots growth targets for the construction sector in Mongolia through 2019 and provides estimates of financial resources required to meet policy goals over that time. The initial stage of the plan is a process of stabilizing development to set the stage for prolonged growth. The second stage will see initialization of a period of strong development. The end stage aims to achieve a construction industry in Mongolia with skill and capability on par with developed countries. Over all the construction sector capacity is projected to increase by nearly 4% by 2029. This important development will help the country meet the needs of the mining sector which regularly requires construction of new sophisticated structures in remote regions to support mining operations.
But, it’s not all about mining. The Foreign Ministry and the Ministry of Food, Agriculture and Light Industry recently held a conference to promote cooperation on government policy to achieve diversification of the Mongolian economy by promotion of export products beyond the mining sector. The two ministries expect an overall increase in meat product exports as well as dairy products. In order to achieve this growth the government will promote efforts to improve technology, skills, and equipment in meat and dairy industry, and in leather, wool, and cashmere processing. These are currently Mongolia’s primary non-mining exports. Key investments in improving these industries are expected to result in increased demand for these products abroad.
Mining and agricultural goods are traditional products, but Mongolia’s economy is also plugged into some of the most transformative aspects of the new global information economy. “UB Unchained”, an international blockchain and cryptocurrency conference was held on February 12, 2019. The conference was designed to raise awareness of blockchain and cryptocurrency in Mongolia, promote the development of these technologies, and use them to implement solutions for Mongolia’s unique economic challenges.
The event was hosted by a group of cryptocurrency exchanges. Private sector specialists and experts participated in the event as speakers, along with representatives of the Government. One of the big topics discussed was the potential to implement a blockchain enabled payment processing system in the form of public-private partnership.
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