Last updated: 12 Feb 2013
Market profile
Doing business
Mongolians are proud, independent, self-confident, and loyal in disposition. It is preferable to have someone introduce you to the person you wish to meet, but if this is not possible, then write a formal letter or email in English in advance of your planned visit.
More information on doing business in Mongolia
Country Profile
Content supplied by Department of Foreign Affairs and Trade
- ECONOMIC CLIMATE
The biggest opportunity in the future for the Mongolian economy is in the expansion of the mining and resources sector.
» read more at DFAT
- POLITICAL CLIMATE
Mongolia held its first democratic elections in 1990 after 70 years of Soviet-style single-party rule. Executive power is shared by the Parliament and the President.
» read more at DFAT
- TRADE RELATIONS
Australia and Mongolia relations to date to date has been on development assistance and commercial activities in Mongolia's resources sector.
» read more at DFAT
Top Business Risks
OECD Guidelines for Multinational Enterprises
Multinational Enterprises should be aware of the OECD Guidelines for Multinational Enterprises that provide voluntary principles and standards for responsible business behaviour in a variety of areas, consistent with applicable domestic laws. These Guidelines are endorsed and promoted by the Australian Government. For more information, go to the AusNCP website.
Extractive Industries Transparency Initiative
The Extractive Industries Transparency Initiative (EITI) is a voluntary mechanism which promotes and supports improved governance in resource-rich countries through the full publication and verification of company payments and government revenues from oil, gas, and mining.
The EITI is supported by governments, industry, and non-government organisations around the world. The Australian Government supports the EITI and encourages Australian companies operating internationally to comply with its recommendations.