Post-COVID Mongolia Open for Business
Post-COVID Mongolia Open for Business
Mongolia has announced this week the end of heightened pandemic control measures in the country. The government of Mongolia determined a reduction in pandemic measures was warranted upon review of results of a recent risk assessment. An estimated 92% of the adult population has received a complete two dose vaccination program, with a significant number also having received a follow up booster.
The country has imposed strict COVID Control measures on seven separate occasions since November 2020. During this time Mongolia’s economy slowed at the highest rate since 1992 as a result of slowed exports, transportation difficulties, and suspension of business activities. Citizens are encouraged to continue taking personal protective steps, such as wearing face masks.
The Mongolian Prime Minister L.Oyun-Erdene reaffirmed the government’s commitment to its “New Revival Policy”, which it hopes will jump start new economic growth and investment in the country to make up for reduced growth last year.
To this end, the government has also enacted a new policy to open incoming travel into Mongolia for fully vaccinated travelers. The government hopes to revive tourism to Mongolia, which has been an important source of economic activity in the past.
In addition to tourism, it is hoped foreign investors will also be encouraged to visit Mongolia for new investment opportunities. To this end the Ministry of Economy and Development (itself established in January 2022) has taken action to establish a new Foreign Investment Agency. The new Foreign Investment Agency is a demonstration of the importance the Mongolian Government places on foreign investment, and the centrality of foreign investment to the country’s economic health and development.
The Agency will work to attract new foreign investment in Mongolia in large scale infrastructure development and construction projects, as well as promoting Mongolian investment opportunities in a variety of sectors to foreign investors.
