Current business situation
In 2016, the Oyu Tolgoi mine, which provides the majority of the
copper-gold ore in Mongolia, and is a strategic partnership with Rio Tinto,
commenced the US$ 5.3 billion stage II expansion of the OT mine. This
expansion will employ more than 3000 workers during the construction phase
and will be fully operational by 2027.
Australian companies are well-placed to assist in developing Mongolia's
resources. Projects such as Oyu Tolgoi represent potential not only for
Australian METS companies, but also the opportunity for Australia’s
education and training providers to introduce world’s best mining practices
in workplace health and safely, skills and training development.
The government continues to explore ways to diversify the economy,
including a strong emphasis on locally produced equipment and materials for
major projects as well as focusing on new infrastructure projects and
expansion of the agricultural sector.
Australia’s experience in many sectors is held in high regard in Mongolia and there are many opportunities in industries such as:
- Education (HE, VET, skills development, research
- Food and Beverage
- Business Services
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.
Mongolians expect to be greeted formally, with a handshake and direct eye
contact. Mongolians typically use only their first name. Always provide
your business card as part of the greeting process. Bowing or handing
business cards with both hands, which is common in other north Asian
business cultures, is generally not part of Mongolian business culture.
Informal conversation is generally expected before getting down to
Mongolian executives often enjoy being invited out for lunch or dinner to
get to know overseas contacts in a less formal setting.
The giving of small inexpensive gifts is customary at the conclusion of an
The peak summer holiday months of July and August are difficult to arrange
meetings as most Mongolians take holidays.
Most businesses have at least one person who can speak English and
Setting up in Market
Austrade can provide initial and ongoing support and advice, however you will probably require a reputable third party provider to successfully navigate the mechanics of setting up a business in Mongolia.
Banking and finance
It is important to work with reputable banks as partners when doing business in Mongolia. As with most emerging economies there is sometimes issues with non-payment, therefore it is important that you do your due diligence on potential partners and engage reputable banks for letters of credit and other protective measures around trade finance.
Links and resources
Government, business and trade
The Government of Mongolia
The Ministry of Foreign Affairs
The Ministry of Environment and Tourism
The Ministry of Mining and Heavy Industry
Mongolian Customs General Administration
General Department of Taxation
General Authority for Intellectual Property and State Registration
Mineral Resources and Petroleum Agency of Mongolia
Central Bank of Mongolia
The Financial Regulatory Commission of Mongolia
The Mongolia-Australia Chamber of Commerce (AustCham Mongolia)
Mongolian National Chamber of Commerce and Industry
Business Council of Mongolia
Mongolian Business Database
News and media
Mongolian News Agency (Montsame)
Mongolia Mining Journal
Please note: This list of websites and resources is not definitive. Inclusion in this list does not imply endorsement by Austrade. The information provided is a guide only. The content is for information and carries no warranty; as such, the addressee must exercise their own discretion in its use. Australia’s anti-bribery laws apply overseas and Austrade will not provide business related services to any party who breaches the law and will report credible evidence of any breach. For further information, please see foreign bribery information and awareness pack.