The country is making concerted efforts to diversify its economy, encouraging foreign investment in non-mining sectors like agriculture and services, which are also showing promising growth.
- Aug 02, 2023, 2:00 PM CDT
These figures undergirded economic growth of 4.7% in 2022, with Mongolia forecast to grow by 5.2% in 2023. In November the country commissioned the railway link from Zuunbayan to Khangi to transport coal, iron ore and other bulk commodities, including from multinational mining company Rio Tinto’s Oyu Tolgoi project.
The construction of new railways is part of a larger strategy to link Mongolia to the broader region. Western sanctions on Russia following its invasion of Ukraine in early 2022 led to difficulty importing key supplies, including food, as well as the loss of valuable airline navigation fees as airlines that formerly flew over Russia and Mongolia between Europe and Asia have been forced to fly over the North Pole or along a more southerly route.
The agriculture sector reached a seven-year high of 12% growth in 2022, supported by favourable weather conditions and increased livestock slaughter. The sector is forecast to grow by 0.9% in 2023, 5.5% in 2024 and 5.5% in 2025, according to the World Bank. China may be incentivised to invest in agri-business in Mongolia given its rising demand for meat.
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