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Get to Know About Mongolia
Mongolia is a landlocked country in East Asia. Sandwiched between Russia and China, the nation covers a total area of 1,566,000 square kilometers and has an estimated population of about 3.25 million. The estimated GDP of the country in 2019 (PPP) is $47 billion.
Mongolia is the 18th largest country in the world. Thus, with a big territory, the geography greatly varies from desserts to the south to the mountains in the north. Additionally, the country is also known as the “Land of Eternal Blue Sky” because it has over 250 pleasant summer days in a year. More than 50% of the population lives in Ulaanbaatar, which is the capital city.
Doing business in Mongolia means a lot of opportunities. This lower-middle-income country directly connects to two of the world’s biggest superpowers, so you could be trading with some of the highest purchasing powers in the world. Additionally, about 59% of people are under 30 years old, which means you get a young and energetic workforce. You will be glad to know that the literacy rate is around 98%. Agriculture and herding industries are the biggest industries in Mongolia. However, as of now, transportation, trade, mining, and service sectors are also making significant strides. Living cost is meager in Mongolia.
Mongolia, being a middle-income country, does have its challenges. The poverty rate is 28.4%, showing that innovation hasn’t reached everyone. The business laws are frequently changing, and the economy is relative to that of China- when China’s stats decrease, Mongolia’s does as well.