New Development of Mongolia after the Election (1)

After the new diet election held on June 29th, new cabinet was formed on July 21 as the professional cabinet. The professional cabinet disclosed the financial crisis of Mongolia due to the unsuccessful economic policy of the previous government on August 10th.  Since the declaration of the financial crisis, there have been numerous rumors in Mongolia, such as the acceptance of IMF control and financial support by China. 

On October 13th, the prime minister of Mongolia visit Japan with important minister and other high ranking governmental officers.

Kaoru Haraguchi, founding attorney of our firm attend the forum and discuss the future of Mongolia with his close friends of Mongolia.

Followings articles are summaries of the speech and the discussion.

In summary, current Mongolian economy is not very good but the very good signs of the new development of economy, such as the commencement of new development of the mining enhancing GDP of Mongolia dramatically. Mongolia has rich resources and Japan has technology. Mongolia seeks Japanese technology to improve the production of value added products in Japan.  Mongolia aims to export value added products to powerful neighbors, such as China and Russia.

This Article will discuss current situation of economy in Mongolia. Please see the attached.