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Current economic situation of Mongolia - Brief Introduction


Current economic situation of Mongolia - Brief Introduction by Fincenter, Ulaanbaatar, Mongolia.

Current economic situation of Mongolia - Brief Introduction by Fincenter, Ulaanbaatar, Mongolia.

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  • 1. BRIEF INTRODUCTION CURRENT ECONOMIC SITUATION OF MONGOLIACONTENTS: 1. About Mongolia: General Information 2. Economic forecast for Mongolian market (GDP, inflation, growth of industrial production) 3. Most potential industry sector in Mongolia 4. Industry sectors which receive the most investments in Mongolia (mining, energy, transport, infrastructure, healthcare, communications) 5. Names some major projects and describing the items (value USD), industry sector, project description 6. Mongolian biggest companies (sector) *** 1. ABOUT MONGOLIA: GENERAL INFORMATIONPopulation: 2.8 millionArea: 1,566,000 sq km (610,740 sq mi)Land boundaries: 8,158 km, with Russia 3,485 km and with China 4,673 kmAverage altitude: 1,580 m above sea-levelTerrain: Vast semi-desert and desert plains, mountains in west and southwest, Gobi Desert in southeastPeople: Khalkha Mongols (86%), Kazaks (6%), about a dozen other Mongolian ethnic groupsLanguages: Mongolian, Kazakh, Russian, Chinese. English is widely spoken in the Ulaanbaatar.Religions: Tibetan Buddhism, Muslim, Christian and Shamanism Page 1
  • 2. Literacy rate: 82.9%Climate: Average summer temperature +20C, average winter temperature -26C, average rainfall 200-220 mm.Political system: Parliamentary republic. President elected for four years. Present President Elbegdorj Tsahia, elected in 2009. Prime Minister appointed by State Great Khural for four years. Present Prime Minister Mr. Batbold. Su was appointed in 2009.Legislature: State Great Khural (Parliament), unicameral with 76 members elected for four years. The last election was held in 2008.Judicial system: Mongolian judicial system consists of Constitutional Court , Supreme Court, Aimag and capital city courts, soum and district courts.State structure: Mongolia is a unitary state and divided administratively into Aimags (21) and a capital city; Aimags are subdivided into soums; soums into bags; and a capital city into districts; districts into khoroos.National currency: Tugrik (MNT), about MNT 1320 = USD 1 in Sep 2010Fiscal year: January 1 - December 31Main entry points: Chinggis Khaan (airport in Ulaanbaatar ), Sukhbaatar (railway station on Mongolian-Russian border) and Zamyn Uud (railway station on Mongolian-Chinese border)Sea access: Tianjin/China (1,344 km) and Nakhodka/Russia (4,037 km)Normal working hours: 09.00-13.00 and 14.00-18.00Electric current: 220 volts/50 HZWeight and measures: Metric SystemVisa arrangements: Visa shall be issued by Mongolia Embassies and Diplomatic Missions as well as Honorary consuls of Mongolia , or can be obtained at the airport at a cost of US$53 but must be accompanied by an invitation.Year of establishment July 15, 1963of diplomatic relationMongolia-Republic of FinlandGeneral Honorary consul of Mr.Henrik Jankes (since 2000)Mongolia in Finland Page 2
  • 3. 2. MONGOLIAN ECONOMIC FORECAST (GDP, INFLATION, GROWTH OF INDUSTRIAL PRODUCTION )There is enormous potential of the Mongolian economy in many aspects. Exploitation of thegigantic wealth in Mongolia’s soil will certainly bring a lot of investment and a lot ofrevenues to Mongolia.GDP is to grow at least five times when just the current projects with OT (Ouy Tolgoi-mining) as the main project, start to generate revenue. Another benefit estimate is for GDP todouble every two years for the next 10 years. Within a decade Mongolias average incomecould triple to US$10,000 a year. Page 3
  • 4. Currently, GDP per capital has reached approximately USD 3000. If the economy remainsstable, there will be a possibility to reach USD 5000 by 2012.In the first half 2011, GDP increased by 29.1% or 1073.5 bln.tugrug to 4762.5 bln.tugrugat current prices, compare to the previous year.• Transportation and construction sectors grew at 39.9% and 38.4%, respectively, while retailand wholesale trade grew at 24.7%, with Mongolians spending more on consumption as aresult of higher incomes.• The mining and manufacturing sectors recorded respectable growth rates of 8.3 and 12.9%year-on-year (yoy) in the second quarter, respectively.One of the major dangers of a fast growing economy of Mongolia is overheating and highlevels of inflation.Current inflation is 9.6%. Core inflation, excluding volatile energy and food prices, increasedeven faster, by 13.7% yoy.The World Bank is warning that Mongolia’s reliance on trade with China, coupled with highrates of inflation, could overheat the economy. The World Bank says inflation could reach 20percent by the end of the year. Page 4
  • 5. 3. MOST POTENTIAL INDUSTRY SECTOR IN MONGOLIAThe Government declared 2002 to be the year of "Domestic Industry Promotion". Mining,wool, cashmere, skins, hides, meat processing, crops and tourism industries have beendetermined as priority sectors.In the first 7 months of 2011, the total industrial output increased by 69.3 bln.tog or 6.8percent compared to the same period of the previous year. The increase in the industrialoutput was mainly due to 0.1-78.2 percent increases in mining and quarrying productssuch as copper with concentrate, crude oil, coal and iron ore; and 0.3 percent to 8.6 timesincreases in industrial main products of manufacturing sector such as bread, steelcasting, combed down, milk, sausages, juice, decoration and medal, knitted goods,alcohol, soft drinks, sawn wood, cement, carpet, beer, cigarettes, concrete mortar, andelectrical wire.MINING SECTOR:• A booming mining industry, especially the Oyu Tolgoi copper mine, spurred these imports,especially of transport equipment and machinery. This pushed Mongolia’s trade deficit toUS$ 1349 million in July 2011.Oyu Tolgoi Investment Agreement which was established and the projects have beenlaunched. Currently, the process of construction work of the project runs at 50 percent. In theconstruction work of the Oyu Tolgoi Project, a total of over 11,000 Mongolians areparticipating by direct and contract form. By the end of this year, about 600 people will havejobs at the open pit. When basic production starts to implement the project successfully, over90 percent of the total workers, or more than 3500 Mongolians, will be provided with jobs.Mongolia will earn a total profit of USD29.1 billion from the Oyu Tolgoi Project, of whichUSD19.2 billion will come from taxes. Mongolia will get 59 percent of the total profit of theOyu Tolgoi project in the form of taxes, fees, royalties and dividends.• On the export side, coal has surpassed copper as the largest export, comprising 38% of allexports, having grown 129% yoy in July.• China is the sole destination for Mongolia’s coal exports and it is the largest thermal coalconsumer in the world. Mongolia’s exports of coal are expected to grow with new coal minescoming on board.TRADITIONAL ECONOMIC SECTOR:The diversity of Mongolia’s economic sectors is constrained by its climate, geography,territorial size, geopolitical location, natural resources, cultural heritage and limited marketsize.AgricultureAgricultural production currently comprises of 31 percent wheat and wheat products, 30percent meat products, 27 percent dairy products, 2 percent skins and hides, 2 percent fruitand vegetables, 2 percent livestock feed and 1 percent animal and plant oils.There is great potential for exports of high value-added industrial products based on redmeat, cashmere, yak hair, sheep’s wool, and camel hair . Page 5
  • 6. The Red Meat Processing Industry:Some 40 percent of the Mongolian labor force continues to be involved in mostly nomadiclivestock herding.The Mongolian constitution states that the land belongs to the State, so the herders cannotown, or lease, the land on which they graze their animals. Herders increase their livestock (43mln. head of livestock) numbers in order to survive economically. This has led to 71 per centof the land being subject to some form of degradation and desertification and a lack of meatproducing ability in Mongolian animals:Of the 43.3 million head of livestock in Mongolia, 46.1 percent were goats, 42.4 percentsheep, 5.8 percent cattle, 5.1 percent horse, 0.6 percent camel.Mongolia currently faces a problem of overproduction of meat due to an increase in thedomestic animal population. The Mongolian Meat Association estimates that the maximumamount of meat Mongolia may have to export in 2010 is 111,400 tons. The price for exportedMongolian meat is about US$1.00/kg, which is three to four times lower than the pricereceived by Australian meat exporters, depending on the type of meat (e.g. goat, beef, mutton,etc.).According to world meat trading estimates by the FAO this amount of meat should easily beabsorbed into the world trading system. However, there are production difficulties and foodsafety issues to be resolved before export of meat can be successfully engaged in.According to the latest available estimates for 2010 by the Food and AgriculturalOrganization (FAO), world production of meat will be approximately 283 million tons.Mongolia’s contribution to world meat exports is very small (0.5 per cent).Actual meat exports during the last six years averaged around 7.8-13.1 thousand tons andapparently reached 18,000 tons in 2010. Major export markets include Russia, Japan, Korea,and China. There are 28 meat processing plants and over 70 meat workshops in the countrywith capacity for 85 thousand tons per annum. Yet processed meat is as low as 7.8 thousandtons. Potential is said to exist for heat processed and frozen cut exports. Page 6
  • 7. Dairy production:Dairy production increased by 24 percent since 2000, but current demand cannot meetsupply. There are 90 dairy processing facilities operating throughout the country with thecapacity of 70 tons per day (30 million liters per year.) However, only 20 SME processingfacilities operate throughout the year to provide milk and yogurt.The dairy supply chain and distribution are critical issues to overcome in order to serve thedomestic market. Dairy companies are apparently able to benefit from tax-free importson equipment, VAT exemption, interest-free loans, and subsidies for production.Cashmere:After China, Mongolia is the world.s second largest raw cashmere producer, preparing around1,153 tons of cashmere each year. The sector produces 5.3 percent of the country.s GDP.There are currently annual reserves of some 6,600 tons of cashmere.In 2009, Mongolia had almost 42 million head of livestock, of which goats accounted for 46per cent. Related to the increasing number of goats, Mongolia produced 6,700 tons of rawcashmere, accounting for about 28 per cent of the total world supply. The number of cashmeregoats increased almost 300 per cent between 1990 and 2009.Mongolia currently only uses 15-20 percent of its domestic raw cashmere supply. Theremaining quantity is exported to China. Traders buying for the Chinese market offeredhigher prices than domestic processors. The problem is to offer herders an adequate price tocontinue to supply high-quality cashmere while at the same time ensuring sufficient suppliesreach domestic processors to allow the expansion of the high-quality end of the market. Page 7
  • 8. Compared to Chinese cashmere, Mongolian cashmere is considered to better because of itslength (micron of 16.5 and 35-37 mm in length) but not as fine. The quality of scouredcashmere and woven cashmere products meet international standards and many locally madeproducts have international quality certificates.There are 82 enterprises with local or foreign investment operating in the sector; 60 percentengaged in scouring and washing, while the remainder processes woven garments, blankets,and other types of finished cashmere products.Of 54 cashmere processing facilities operating in the country, 48 are joint investments withforeign countries.(26 with China, others with USA, Japan, Italy, the UK andSwitherland)Cashmere sector seeks the opportunity for receiving technical support in the areas ofproduction, sales, sales representation, management, branding, market research, andfinancing.Wool Processing:Mongolia has about 15 million sheep.The wool processing industry processes more than 20 thousand tons of wool (sheep, camel,goat, yak, camel, etc.). 70% of the wool originates from sheep. Because Mongolian sheepwool is coarse and abundant, it is used for manufacturing felt carpets and rugs. More than716,000 square meters of pure woolen carpets are produced, 20% of which are exported toforeign markets. Sheep wool is also used for felt and boot production. In recent years, theproduction of wadding items for blankets, mattresses, and mats has rapidly developed.There are 45 factories with domestic and foreign investment operating in the wool processingindustry. Of these, 40 percent engage in early-stage processing and 60 percent in theproduction of final products.Camel wool:The number of camels in Mongolia has declined dramatically in the past decades. In 2010there were about 255,000 camels, which produce an estimated 700 tons of “female” wool ayear.The quality of wool is determined by the age and sex of the camel. Mongolian herdersdistinguish “male” and “female” wool. Most is used to make ropes and animal halters, bagsand as insulation in traditional quilted jackets.The three biggest companies in Ulaanbaatar together process less than half of Mongolia’scamel wool– about 310 tons a year. Page 8
  • 9. With assistance from the European Union, the Mongolian government has established “Gobidesert camel wool” as a “geographical indication” – a kind of trademark that guarantees theorigin of the wool (UNDP, 2008). This certification requires that all processing steps aredone in Mongolia. Registered producers can use the geographical indication logo as well astheir own trademarks.Yak wool:Yaks are an indispensable part of animal husbandry in the high mountain regions where theyare used both for transport and for their productive capabilities. In recent years, the textileindustry has greatly increased its demand for yak fibre. The yak has a high degree ofadaptation to the ecosystem. No other domestic animal can feed on the vegetation growing at2,000-4,000 metres, in territory marked by steep, treacherous slopes, moorland, bogs andlakes. The morphological and physiological characteristics of the yak endow it with an abilityto resist cold, to scrape through snow for fodder and to graze very short grass.Domestic processing factories have started producing high-quality products for both domesticand foreign markets. This has raised the demand for yak wool, but the supply has beenrelatively low. The international yak market is expected to have a bright future, because thewool is seen as an exotic fibre and fits into the recent revival of natural fibres. The fashionindustry is looking for new and innovative fibres, with the potential for higher margins. Thebest example of this kind of development is vicuna fibre, sourced mainly in Peru. The demandfor other exotic fibres, such as mohair and alpaca, is also increasing. Yak wool, which iswarmer than sheep wool, might be the next natural fibre to be taken up by fashion designers.Textile:The textile industry accounts for 23% of Mongolia’s manufacturing sector.There are two major carpet producers (one in Ulaanbaatar and one in Erdenet) and severalblanket producers. Their production capacity for scouring, spinning, knitting, weaving and feltmaking is far in excess of current production.Leather:Mongolia currently produces 9.8 million raw skins and hides, of which 43.8 percent (4.3million) are sheepskin, 38.7 percent (3.8 million) goatskin and 5 percent (0.5 million)cowhide. Products valued at US $41 million were exported. This represents 1.3 percent ofGDP and 8.6 percent of total exports. Most exports are semi-processed.More than 58 companies are engaged in the leather processing industry; however, operatingcapacity is only between 10 and 40 percent of total capacity.TOURISM:The Mongolian government has put forward objectives to develop tourism, as a one ofpriority sectors of the Mongolian economy: the income of the tourism sector reached 210million USD, forming 10 per cent of the Gross Domestic Production.The tourism sector, perhaps given its cross-cutting nature across many other sectors, the egosin play, personal agendas, and the political appointment of mid-level government officials,has not been an easy one for any donor to work in. There have been numerous changes in thepast 10 years to the structure of public sector institutions and significant growth in the numberof associations and NGOs working in tourism. Page 9
  • 10. Today, there are over 600 tour operators, 320 hotels, 200 tourist camps, and 182 guides,who have been certified. Over 40 state and private universities prepare specialists for tourismmainly in managerial level. 4. WHICH INDUSTRY SECTORS RECEIVE THE MOST INVESTMENTS IN MONGOLIA (MINING, ENERGY, TRANSPORT, INFRASTRUCTURE, HEALTHCARE, COMMUNICATIONS)?Over ten thousand foreign companies (including the oil sector) have been registered from 104countries with the total direct investment of 4.8 bln USD by the end of 2010. 76.8 % of thetotal investment made during 2005-2010 period. FDI, in 2010, has reached 1,025 mln USD of769 companies.Rio and Ivonhoe are investing $2.5 billion in Oyu Tolgoi (OT) in 2011 on top of about $1billion to date with expected total investment of $5 billion and production in 2013. (Note:Mongolia’s GDP is approximately $5-6 billion) Page 10
  • 11. FDI INFLOWS IN MONGOLIA 1,200.00 1,026.00 1,000.00 801.00 708.00 800.00 US$mil 499.00 600.00 366.00 316.00 400.00 FDI 237.07 205.37 172.51 126.00 90.60 200.00 54.0040.0044.0084.00 11.0037.00 - 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 YearSource: FIFTA /Foreign Investment and Foreign Trade Agency of Mongolia/In terms of sectors, mining and geological prospecting took almost the half of the totalinvestment and counts 65.3 %, trade and catering service -18.9%, banking and finance -2.7 %,light industry -2.2 %, construction and production of construction materials-1.5 %, processingof animal originated materials-1.1%. FDI by sectors in US$ mil (1990-2010.12.31) Productio… 21,984.49 Transport… 28,039.30 Informati…36,108.56 Processin… 55,411.01 Engineeri… 74,317.26 Light… 107,908.16 Bank and… 131,390.33 Others 231,785.68 Trade and… 913,702.04 3,158,716.42 Geologic… Page 11
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  • 19. Project 1Project 2Project 3 Page 19
  • 20. Project 4Project 5Project 6 Page 20
  • 21. Project 7Project 8Project 9 Page 21
  • 22. Project 10Project 11Project 12 Page 22
  • 23. Project 13Project 14Project 15 Page 23
  • 24. 6. MONGOLIAN BIGGEST COMPANIES (TOP 20) # 2010 Web link Main sector Erdenet Mining 1 MiningCorporation МCS Group Electronics, Real estate, Food, Telecommunication, 2 Energy, Construction Mongoliin Alt Mining - Gold Corporation Energy Resource Energy plant, mining 4 LLC coal 5 APU Sh.CO. Beverage 6 NIK LLC Fuel trading 7 Mîbicom Group www, Telecommunication 8 Boroo Gold Co.,Ltd Mining Tavan Tolgoi 9 Group Minig Just Group Fuel trading, meat 10 processing, mining 11 Petrovis Fuel trading 12 Magnai trade Fuel trading 13 Sod Mongol Group Fuel trading Monnis 14 International Trade Nomin Holdings Retail store chain, construction, cashmere, 15 carpet 16 Wagner Asia Equipment distribution 17 Shunhlai Group Fuel trading 18 Tsairt Mineral Mining Tavan Bogd Group Trade, flour mill, 19 banking, tourism 4th Thermal power 20 station Power EnergySource: MNCCI Page 24
  • 25. MONGOLIAN TOP 20 COMPANIES /with branch companies/ EstablishedNo. TOP20 Branch companies Main operation Year 1 Erdenet Mining 1978 Mining Computer tenchnology, electric, MCA Group 1993 telecommunication, mining internet, trade of computer and MCS Electronics 1999 equipment and software mobile telecommunication, fixed phone, satellite Unitel Group 2011 communication, IPTV, broadband and fiber optic network. Spirt Bal Buram Beverage MSC Coca Cola 2001 Beverage MCS Asia Pacific Beer(sengur, jalam har, 2 MCS Group Bevery tiger…) IPTV, INTERNET and Univision 2011 FIXED-LINE PHONE Internet Service MCSCOM LLC Provider Satellite Internet and ORBITNET LLC Data Communication Service provider Skynet COM 2007 fixed-line phone sector “Iridium, Bgan, Isat, Monsat 2003 Globalstar” system services Fiber Optic Broadband Skynetworks LLC 2004 networking company Wimax based Wireless Telemax LLC Broadband Internet Service provider 3 Energy Recourse 2005 Mining 4 Mongolian Alt Corporation 1993 Gold mining APU Co.,LTD 1924 Beverages5 APU-JSC Apu Trading 2003 Trading Page 25
  • 26. importation, distribution, and 6 NIC Co., ltd 1982 marketing of gasoline, diesel, aviation fuels, gas oil and lubricants mobile communication services, internet Mobicom Co.,LTD 1996 services, and satellite communication Mobicom services.7 Group network service Newtel Company 2000 provider Mongol Content LLC 2005 digital content business Ulusnet LLC 2005 Internet servicing 8 Boroo Gold Co.,Ltd 2004 Gold mining 9 Tavan Tolgoi Group 1966 Coal mining oil product import and distribution industry, Just Group 1999 construction and international trading Just Oil Ltd Oil products trading10 JUST Group Olon Ovoot Gold LLC 2009 Gold mining Savings Bank 1940 Banking service Erd Tana LLC 2006 Constraction Makh Market LLC Meat processing Petrovis Co.,LTd 1997 Petrolium Crude petrolium and Petro Matad LLC natural gas industry11 Petrovis LLC Unigas LLC 2004 servicing gas coal Primedaatgal LLC 2004 Insurance Gei Gei Pi LLC 2007 Restaurant import of crude Magnai trade Group 1994 petrolium and natural gas importing and MT Petroleum LLC distributing petroleum products importing and Magnai MT Oil LLC 1999 distributing lubricating12 trade Group oil MT Drilling LLC 2005 geosynoptics drill hole fast food and mini MT Market LLC 2007 market servicing and delivery MT Auto LLC 2003 fuel Page 26
  • 27. MT Security LLC 2006 security servicing manufucturing and MT Deko LLC 2001 trading apartment furniture ARB Mongolia LLC 2006 importing spare parts mobile communication services, internet G Mobile LLC 2006 services, and satellite communication services. importing and trading13 Sod Mongol Group 1999 of fuel, intertainment and tour car servicing, Monnis International 1998 equipment of mining Co,LTd and trading Monnis Mining LLC Mining Monnis Properties LLC 2006 Constraction importing car and Monnis Motors LLC 1998 Monnis spare parts14 International Monnis Com LLC 2008 computer trading Co., Ltd Monnis Insurance LLC 2010 insurance servicing Aero Mongolia LLC 2001 air transport execute project, researching wind and Energy Concern LLC 1974 solar energy and giving advice MSPL LLC 2010 Logistic trading, manufacturing, Nomin Co.,Ltd 1992 servicing and financial sectors Nomin Electronics LLC 1992 trading Nomin Foods LLC 1997 supermarketing Nomin Fasion LLC 2003 fashion trading home Nomin Home Style LLC 2004 furnishings Nomin importing construction15 Nomin Standart LC 2002 Group materials Nomin Motors LLC spare parts servicing personal care and Nomin Cosmetics LLC 2009 cosmetic products Storage services, Railroad services, Ulaanbaatar Impex 1993 Custom controlled yard LLC , Customs protected storage service Cooling Page 27
  • 28. storage service Erdenet Carpet LLC 1981 Carpet Ulaabaatar Carpet LLC 1961 carpet Nomin Insurance LLC insurance servicing Nomin Union LLC 2000 credit and saving union antique ware sales, auction sales, escrow account service, Nomin Realter LLC commercial advertisement, legal consulting, insurance and financial consulting16 Wagner Asia TT 1994 importing spare parts17 Shunhlai Group 1993 importing18 Tsairt Mineral LLC 1998 Mining(zinc core) trade, service, manufacturing, TAVAN BOGD 1995 tourism, hospitality, banking and real estate sectors Import and Distribution Tavan Bogd Trade Co., 2002 , investment, real state Ltd development selling of FinePix brand digital photo camera from “Fujifilm” and Tavan Bogd Co .,Ltd 1995 XEROX is printing and copying for office documents and Double A paper Tavan bogd Tavan Bogd Cosmetic, houshold19 1998 Group International trading Tavan Bogd Cosmetics importer of Household 1998 Co .,Ltd and Beauty Products Car sales, car sevices, Tavan Bogd Motors 2004 spare parts sales, tyre Co., Ltd sales official distributor of ZAMine Services LLC 2010 Hitachi Construction Machinery Ulaanbaatar Flour Co., 2002 wheat flour supplier Ltd All types of school Ulaanbaatar Printing notebooks, printing, 1997 Co ., Ltd design and layout prepration shop Page 28
  • 29. servicing Juulchin Tourist 1954 tourism Corporation Air link Mongolia sales of air ticket and 20 Co.,Ltd tourism lender of office spaces, Mongol Mashine 2001 warehouses, a garage Consertium Co., Ltd and a production plant Ulemj Ih Co., Ltd supermarketing20 4th Thermal Power Station power station Page 29
  • 30. FINNISH COMPANIES WHICH EXPORT TO MONGOLIA In 2010, the trade turnover reached US$13mln., showing an increase by 3.5 times from the year 2009.- Import from Finland costing US$ 10.6 mln.- Export to Finland costing US$ 2.7 mln. Import goods from Finland: mostly machines and techniques for factories and mining and paper/products. Export to Finland: ready-made clothes, shoes, wool and cashmere products. Finnish Companies in Mongolia: “Outukumpu” company has supplied a copper-melting technology to Mongolia. “Sandvik” Sweden-Finland joint company of mining equipment has opened its representative in Mongolia. “Kristec” company exports paper/paper products to Mongolia. /since 1998/ “Tikkurila” company has its official distributor in Mongolia. /since 2008/ “Honka” company also has its distributor. /started 2007/ ------------------------------------------------------ Page 30
  • 32. Annex: “Doing business index”World Bank Managing Director Dr. Juan Jose Daboub: “In doing business, Mongolia does okay. Iunderstand that Mongolia aims at becoming a top-10 destination for doing business in Asia in 2012. That iswelcomed” Page 32