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Government ministers and industry magnates met this week for the “Investment Climate: Stability” conference, hosted by the Bank of Mongolia, International Finance Corporation, and the National Development Agency. The conference was organized with the goal of facilitating a more attractive and stable investment environment for foreign capital in Mongolia.

Foreign investment in Mongolia has been highly unstable. Sometimes it can feel as though there is an “On” and “Off” switch for the Mongolian economy, tied to commodity exports. Foreign investment into the country increased 80% to USD 2.7 billion in 2018 as compared to two years prior. One of the focuses of the conference was how to get Mongolia off the commodity export roller-coaster and build a more solid, economy to support sustained investment.

Members of the Mongolian government discussed the government’s plan to attract investment, including building a more favorable environment to attract investment, and how to protect the legal rights of investors which have committed capital and expect a fair return.

The Governor of the Bank of Mongolia reported that the country’s GDP has increased 7.3% in the first half of 2019 as compared to the 2017. Much of this has been due to diversification of the economy into agriculture, tourism and professional services in addition to the high focus of mining industry.

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