Global foreign direct investment declined in 2014 due to economic fragility, policy uncertainty, and geopolitical risks. Developing countries saw a 2% rise in inward investment flows, with China becoming the largest recipient. Mongolia is working to improve its investment environment through liberalization, promotion, and large infrastructure projects to attract more foreign investment and diversify its commodity-dependent economy.
An overall information about foreign investment in Mongolia as of 2014. Reasons, investment opportunities, how to set up a company, how to get a stabilization certificate and aids offered by the country.
This presentation by Stephen Thomsen was made at the session "Investment policy reform and regional integration" during the 2nd ASEAN-OECD Investment Policy Conference held on 10-11 December 2014.
To find out more visit: http://www.oecd.org/daf/inv/investment-policy/2014-asean-oecd-investment-policy-conference.htm
The presentation identifies the policy framework toward FDI, monetary and non-monetary incentives offered by the government of Bangladesh to attract FDI, analyzes the rising FDI flow into Bangladesh during last ten years, the sectors attracting major FDI inflows, future of the potential sectors for investment in Bangladesh and identifies the foreign countries that are investing in the Bangladesh economy.
The OECD’s FDI Regulatory Restrictiveness Index (FDI Index) measures statutory restrictions on foreign direct investment in 58 countries, including all OECD and G20 countries, and covers 22 sectors. This presentation by Stephen Thomsen describes the methodology used to calculate the FDI Index and how it is used as a tool for benchmarking countries, measuring reform and assessing its impact.
Read more at: http://www.oecd.org/investment/fdiindex.htm
An overall information about foreign investment in Mongolia as of 2014. Reasons, investment opportunities, how to set up a company, how to get a stabilization certificate and aids offered by the country.
This presentation by Stephen Thomsen was made at the session "Investment policy reform and regional integration" during the 2nd ASEAN-OECD Investment Policy Conference held on 10-11 December 2014.
To find out more visit: http://www.oecd.org/daf/inv/investment-policy/2014-asean-oecd-investment-policy-conference.htm
The presentation identifies the policy framework toward FDI, monetary and non-monetary incentives offered by the government of Bangladesh to attract FDI, analyzes the rising FDI flow into Bangladesh during last ten years, the sectors attracting major FDI inflows, future of the potential sectors for investment in Bangladesh and identifies the foreign countries that are investing in the Bangladesh economy.
The OECD’s FDI Regulatory Restrictiveness Index (FDI Index) measures statutory restrictions on foreign direct investment in 58 countries, including all OECD and G20 countries, and covers 22 sectors. This presentation by Stephen Thomsen describes the methodology used to calculate the FDI Index and how it is used as a tool for benchmarking countries, measuring reform and assessing its impact.
Read more at: http://www.oecd.org/investment/fdiindex.htm
Stephen Thomsen looks at investment climate reform in Southeast Asia and draws lessons for the update of the OECD Policy Framework for Investment currently underway. This presentation was made at the Southeast Asia Regional Forum in Bali, Indonesia, on 24-26 March 2014.
Find out more at http://www.oecd.org/daf/inv/investment-policy/seasia.htm - http://www.oecd.org/daf/inv/mne/pfi.htm - http://www.oecd.org/globalrelations/seaforum.htm
Investment policy reform in Myanmar, presentation by Aung Naing Oo, Director ...Carly Avery
Investment policy reform in Myanmar, presentation by Aung Naing Oo, Director General, DICA, Ministry of National Planning and Economic Development, Myanmar. October 2013.
Session (Part 1) by Randall Jones, Head of Japan/Korea Desk, OECD Economics Department.
The growth of global value chains (GVCs) has increased the interconnectedness of economies. We understand that emerging economies in Southeast Asia play a pivotal role in the global economy. This session will provide you with the latest OECD analysis on the regional economy and on the key challenges it faces in light of regional integration.
International trade, which used to be a leading driver of economic growth, is now lagging behind, as world trade growth slowed down to around 2% in 2015. Two decades prior to the 2008 crisis, world trade growth annually registered at 7%. Many factors are at play – both cyclical and structural – but their effects are posing risks to the emerging and developing economies in Asia, where trade growth is currently relatively robust. Regional free trade agreements, notably the Trans-Pacific Partnership and the Regional Comprehensive Economic Partnership, will also influence trade in Asia, and will certainly have implications for the global value chains of specific industries, including in those countries not belonging to the new regional agreements. Strengthening regional ties by 2025 is one of Asia’s most important agendas. This can be made more effective by building on important and positive achievements through ASEAN, ASEAN+3 and ASEAN+6 and making greater efforts to improve co-ordination between regional and sub-regional initiatives and national agendas, reduce disparities in the region, move towards a “Global ASEAN” and strengthen monitoring capacity. Additionally, addressing issues of green growth, renewable energy and private sector development will be particularly important to Asia’s success in regional integration.
Inward FDI flows to developing economies in 2014 reached their highest level at $681 billion with a 2 per cent rise. Developing economies thus extended their lead in global inflows. China became the world’s largest recipient of FDI. Among the top 10 FDI recipients in the world, 5 are developing economies. What are the advantages and disadvantages of foreign direct investment for developing countries?
This presentation describes the key findings from the OECD investment policy review of Mauritius and how the Mauritius government is implementing the policy reforms suggested in the review.
Nirmala Jeetah of the Mauritius Board of Investment presented and discussed the Mauritian experience of using the Policy Framework for Investment (PFI) to assess its investment climate with SADC member states in Pretoria on 4 July 2014 at the 2nd meeting of the Task Force on updating the PFI.
Find out more about the investment policy review of Mauritius and the Policy Framework for Investment at http://www.oecd.org/daf/inv/investment-policy/mauritius-investment-policy.htm and http://www.oecd.org/investment/pfi.htm
Foreign Direct Investment (FDI) in BangladeshTAREK MAHMUD
This is the presentation slide of foreign direct investment of Bangladesh and world perspective. Here you will find the detail Definition, Objectives, Motives, Types, Strategies, Theories of FDI with example. You will also find the recent fact and figure of FDI on Bangladesh perspective and world perspective.
This presentation contains key findings from the OECD FDI Qualities Assessment of Ireland. The report examines the impact of foreign direct investment (FDI) attracted to Ireland from 2006 to 2016 and provides an overview of the direct contribution and spillover effects of this investment on the local economy. Find the full report at http://www.oecd.org/investment/fdi-qualities-assessment-of-ireland.htm
Foreign Direct Investments into UkraineEasyBusiness
Foreign direct investment as one of the main vehicles of development and globalization in the
World economy is a complex phenomenon.
Most common definition used in the modern economic theory states that Foreign Direct
Investment (FDI) – “is acquisition of at least ten percent of the ordinary shares or voting power
in a public or private enterprise by nonresident investors. Direct investment involves a lasting
interest in the management of an enterprise and includes reinvestment of profits.”1
It is important to understand that FDI is not just the flow of capital between economies but also
a flow of technologies, management practices and established customer/supplier bases.
Usually FDI has a spillover effect for the host economy when management practices and
technologies are propagated from the initial target company to other companies in the region.
This propagation is achieved through moving labor force, reverse-engineering and intensified
competition.
FDI is crucial for Developing and Transition economies not just because they suffer from the
lack of capital but because they don’t have access to new technologies and their managerial
and business techniques are outdated.
Different countries have achieved different results in their ability to attract FDI. In order to
analyze reasons driving country specific performance it is important to look at the following
issues:
- Dynamics and trends of global FDI flows
- General investment climate in a given country
- Industry specific opportunities provided by current situation in the host economy
This framework is used to analyze Ukraine’s competitive positioning to attract foreign direct
investment.
Mismatch between import liberalisation and export competitivenessM S Siddiqui
The latest statistics show significant improvement in trade and economy. Bangladesh's trade-GDP ratio reached 46.30 per cent during fiscal year 2012-13 rising from 37.8 per cent in FY '10. But such a ratio has fluctuated during the next six fiscal years until FY '19.
The Bangladesh economy's degree of openness has seen a mixed trend in the last 10 years as economic expansion outstripped rise in foreign trade. Thus the trade-GDP ratio came down to 38.89 per cent in the FY '19 from 44.51 per cent in the FY'14, Bangladesh Bureau of Statistics (BBS) data suggest.
Stephen Thomsen looks at investment climate reform in Southeast Asia and draws lessons for the update of the OECD Policy Framework for Investment currently underway. This presentation was made at the Southeast Asia Regional Forum in Bali, Indonesia, on 24-26 March 2014.
Find out more at http://www.oecd.org/daf/inv/investment-policy/seasia.htm - http://www.oecd.org/daf/inv/mne/pfi.htm - http://www.oecd.org/globalrelations/seaforum.htm
Investment policy reform in Myanmar, presentation by Aung Naing Oo, Director ...Carly Avery
Investment policy reform in Myanmar, presentation by Aung Naing Oo, Director General, DICA, Ministry of National Planning and Economic Development, Myanmar. October 2013.
Session (Part 1) by Randall Jones, Head of Japan/Korea Desk, OECD Economics Department.
The growth of global value chains (GVCs) has increased the interconnectedness of economies. We understand that emerging economies in Southeast Asia play a pivotal role in the global economy. This session will provide you with the latest OECD analysis on the regional economy and on the key challenges it faces in light of regional integration.
International trade, which used to be a leading driver of economic growth, is now lagging behind, as world trade growth slowed down to around 2% in 2015. Two decades prior to the 2008 crisis, world trade growth annually registered at 7%. Many factors are at play – both cyclical and structural – but their effects are posing risks to the emerging and developing economies in Asia, where trade growth is currently relatively robust. Regional free trade agreements, notably the Trans-Pacific Partnership and the Regional Comprehensive Economic Partnership, will also influence trade in Asia, and will certainly have implications for the global value chains of specific industries, including in those countries not belonging to the new regional agreements. Strengthening regional ties by 2025 is one of Asia’s most important agendas. This can be made more effective by building on important and positive achievements through ASEAN, ASEAN+3 and ASEAN+6 and making greater efforts to improve co-ordination between regional and sub-regional initiatives and national agendas, reduce disparities in the region, move towards a “Global ASEAN” and strengthen monitoring capacity. Additionally, addressing issues of green growth, renewable energy and private sector development will be particularly important to Asia’s success in regional integration.
Inward FDI flows to developing economies in 2014 reached their highest level at $681 billion with a 2 per cent rise. Developing economies thus extended their lead in global inflows. China became the world’s largest recipient of FDI. Among the top 10 FDI recipients in the world, 5 are developing economies. What are the advantages and disadvantages of foreign direct investment for developing countries?
This presentation describes the key findings from the OECD investment policy review of Mauritius and how the Mauritius government is implementing the policy reforms suggested in the review.
Nirmala Jeetah of the Mauritius Board of Investment presented and discussed the Mauritian experience of using the Policy Framework for Investment (PFI) to assess its investment climate with SADC member states in Pretoria on 4 July 2014 at the 2nd meeting of the Task Force on updating the PFI.
Find out more about the investment policy review of Mauritius and the Policy Framework for Investment at http://www.oecd.org/daf/inv/investment-policy/mauritius-investment-policy.htm and http://www.oecd.org/investment/pfi.htm
Foreign Direct Investment (FDI) in BangladeshTAREK MAHMUD
This is the presentation slide of foreign direct investment of Bangladesh and world perspective. Here you will find the detail Definition, Objectives, Motives, Types, Strategies, Theories of FDI with example. You will also find the recent fact and figure of FDI on Bangladesh perspective and world perspective.
This presentation contains key findings from the OECD FDI Qualities Assessment of Ireland. The report examines the impact of foreign direct investment (FDI) attracted to Ireland from 2006 to 2016 and provides an overview of the direct contribution and spillover effects of this investment on the local economy. Find the full report at http://www.oecd.org/investment/fdi-qualities-assessment-of-ireland.htm
Foreign Direct Investments into UkraineEasyBusiness
Foreign direct investment as one of the main vehicles of development and globalization in the
World economy is a complex phenomenon.
Most common definition used in the modern economic theory states that Foreign Direct
Investment (FDI) – “is acquisition of at least ten percent of the ordinary shares or voting power
in a public or private enterprise by nonresident investors. Direct investment involves a lasting
interest in the management of an enterprise and includes reinvestment of profits.”1
It is important to understand that FDI is not just the flow of capital between economies but also
a flow of technologies, management practices and established customer/supplier bases.
Usually FDI has a spillover effect for the host economy when management practices and
technologies are propagated from the initial target company to other companies in the region.
This propagation is achieved through moving labor force, reverse-engineering and intensified
competition.
FDI is crucial for Developing and Transition economies not just because they suffer from the
lack of capital but because they don’t have access to new technologies and their managerial
and business techniques are outdated.
Different countries have achieved different results in their ability to attract FDI. In order to
analyze reasons driving country specific performance it is important to look at the following
issues:
- Dynamics and trends of global FDI flows
- General investment climate in a given country
- Industry specific opportunities provided by current situation in the host economy
This framework is used to analyze Ukraine’s competitive positioning to attract foreign direct
investment.
Mismatch between import liberalisation and export competitivenessM S Siddiqui
The latest statistics show significant improvement in trade and economy. Bangladesh's trade-GDP ratio reached 46.30 per cent during fiscal year 2012-13 rising from 37.8 per cent in FY '10. But such a ratio has fluctuated during the next six fiscal years until FY '19.
The Bangladesh economy's degree of openness has seen a mixed trend in the last 10 years as economic expansion outstripped rise in foreign trade. Thus the trade-GDP ratio came down to 38.89 per cent in the FY '19 from 44.51 per cent in the FY'14, Bangladesh Bureau of Statistics (BBS) data suggest.
Foreign Direct Investment. Political Economic Digest Series - XVIAkash Shrestha
In this issue, we will be discussing about Foreign Direct Investment (FDI).
Foreign Direct Investment has been a very productive tool for the economic growth of many countries. Recently after the government made the decision to celebrate 2012/13 as investment year and after the agreement with India i.e. Bilateral Investment Promotion and Protection Agreement, the topic of Foreign Direct Investment has been highly discussed among the lawmakers, policymakers and general public. The examples provided in this issue of different countries regarding FDI has shown how the growth rate is positively affected by the investment from outside the country.
Investment policy reform in Myanmar, presentation by Aung Naing Oo, Director General, DICA, Ministry of National Planning and Economic Development, Myanmar. October 2013.
Visit: www.oecd.org/daf/inv/investment-policy/investment-policy-reform-in-myanmar.htm
Consultation with APEC Member states and World Bank at APEC-World Bank-Australia Workshop on Investment Promotion and Policy in Kuala Lumpur, 18-19 June 2019
Myanmar, the Next Manufacturing Hub (focused on Special Economic Zones)Solidiance
Trade and investment liberalization, access to a large domestic and regional market, as well as abundant low cost labor make Myanmar attractive from a manufacturing perspective, but can Myanmar be the next China?
Solidiance further explores this topic in their latest white paper about Myanmar as the Next Manufacturing Hub. As the government is moving forward to increase share of industrials in the overall economy and boost exports to narrow the trade deficit as part of its 5 year plan.
However, infrastructure remains a key challenge and the government is now depending on the development of industrial and special economic zones (SEZ).
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03.09.2015 foreign direct investment trend and mongolia (1)
1. FOREIGN DIRECT INVESTMENT
TREND AND MONGOLIA
JAVKHLANBAATAR SEREETER
DIRECTOR GENERAL
INVEST MONGOLIA AGENCY
FOR “DISCOVER MONGOLIA 2015”
Ulaanbaatar
2015.09.03
2. Business Freedom in the Mining Industry
Global Outlook
Investment Legal environment
Mining and PPP projects
Content
1
2
3
3. Business Freedom in the Mining Industry
GLOBAL INVESTMENT TREND
1. Global FDI inflows declined by 16% in 2014. The reason for decline:
1. Fragility of the global economy,
2. Policy uncertainty for investors and
3. Elevated geopolitical risks.
2. Inward FDI flows to developing economies reached their highest level with 2%
rise.
Among the top 10 FDI recipients, China became the world’s largest and 5 are developing
economies.
3. The low level of flows to developed countries persisted in 2014.
Despite the revival in cross border M&As overall FDI flows of developed countries
declined 28%. They were significantly affected by a single large-scale divestment from
the US.
4. Investments by developing-country multinational enterprises reached a record
level: developing Asia now invests more than any other region.
9 of the 20 largest investor countries were from developing or transition economies.
5. Announced Greenfield investment declined by 2%
Developing countries continued to attract 2/3 of announced Greenfield investments.
Source: UNCTAD Policy Review, April 2015
4. Business Freedom in the Mining Industry
Source: UNCTAD Global Investment Trends Monitor, April 2015
Developed Economies
Developing and transition economies
Top 20 investors in 2014
(billions of USD )
Landlocked Asian
Countries’ comparison in 2014
(millions of USD)
337
150
116
114
112
56
56
53
41
41
32
31
31
19
17
16
13
13
13
12
5. Business Freedom in the Mining Industry
REGIONAL INVESTMENT TREND
1. African FDI inflows remained flat
- The services share in Africa FDI is still lower than the global and developing country
average
2. Developing Asian FDI inflows grew by 9% to its historically high levels
- FDI inflows to East and South East Asia increased by 10%.
- MNEs have become a major force in enhancing regional connectivity in the sub region,
through cross border investment in infrastructure.
3. South American FDI inflows decreased after 4 years of consecutive increases.
- This is mainly due to a decline in cross-border M&As in Central America and Caribbean
and to lower commodity prices.
4. Developed countries’ FDI inflows fell by 28%.
- Burgeoning FDI income is providing a counterbalance to trade deficit, particularly in the
US and more recently in Japan.
Source: UNCTAD Policy Review, April 2015
6. Business Freedom in the Mining Industry
• Measures geared towards investment liberalization, promotion and facilitation.
• Countries and regions continue their search for reform of the international
investment agreements regime.
• Developed countries encourage their MNEs to invest in their home countries.
Global FDI recovery is in sight: FDI inflows are projected to grow by
• 11% to $1.4 trillion in 2015,
• $1.5 trillion in 2016
• $1.7 trillion in 2017.
Mongolia continuously gear up investment liberalization, promotion and
attraction by offering smooth business environment, and generous fiscal
and regulatory incentives while promoting to mega infrastructure and
industrial projects as well as diversified investment.
Source: UNCTAD Policy Review, April 2015
INVESTMENT POLICY TREND
7. Business Freedom in the Mining Industry
1. China overtook both the US and Japan more than a decade ago to become
Emerging Asia’s largest export destination.
- Asian exports to China contracted around 4.6% in the first quarter of 2015.
- Weaker China demand has translated into lower commodity prices which impact the
commodity exporters, including Mongolia.
1. China’s growth slowdown hits Asia via lower FDI.
- However, China’s structural slowdown is driving outbound investments into the rest of
Asia.
2. Trade links with China are highest for the Northeast Asian economies, especially
Mongolia.
- Trade links: Hong Kong 88% of GDP, Taiwan 15%, Korea 10% and Mongolia 90% of its
GDP. This means Mongolia would hurt a lot from dependency of its trade.
WHEN IT COMES TO COMMODITY,
CHINA MATTERS…
Source: Bank of America, June 9 th 2015
8. Business Freedom in the Mining Industry
Global Outlook
Investment Legal environment
Mining and PPP projects
1
2
3
9. Business Freedom in the Mining Industry
Seoul convention
establishing the
Multilateral Investment
Guarantee Agency
Washington convention on
the Settlement of
Investment Disputes
Foreign Investment
Protection and Promotion
agreements with 43
countries
Tax treaties with 30
countries
Mongolia-Japan Economic
Partnership
Agreement/First FTA/
Process of accession to
APTA
INTERNATIONAL LEGAL FRAMEWORK
Discussing to enter bilateral and multilateral agreements and actively participates in the
process of regional integration.
10. Business Freedom in the Mining Industry
INVESTMENT LEGAL ENVIRONMENT
Investment Law highlights:
No approval to enter into market and buy a local company
No discrimination between Foreign and Local company
Fast incorporation process
Stability guarantees
More liberalized and generous incentives
Investor friendly
Special designated agency for investors
11. Business Freedom in the Mining Industry
On April 29th 2014 “Mongolian Foreign
investment Policy Review” report drafted
jointly by Government of Mongolia and
UN conference on Trade and
Development /UNCTAD/ was presented
at the UNCTAD member countries
intergovernmental meeting.
Investment policy review Trade policy review
The second review of the trade
policies and practices of Mongolia
took place on 24 and 26th of
September 2014. The basis for the
review was a report by the WTO
Secretariat and a report by the
Government of Mongolia.
12. Business Freedom in the Mining Industry12
INVESTMENT INCENTIVES
• If more than 500
billion MNT (US$
~300mln)
Investment
Agreement
• First 5 years tax
free
Economic Free
Zones
• Customs
Duty, VAT
free
SMEs
•VAT
•Corporate
Income Tax
Stabilization Certificate
FISCAL AND REGULATORY INCENTIVES
No import duty for machines and equipment of
manufacturing, processing and industrial facilities
Incentives for training
Multiple and permanent visas for investors – No Visa
regime with over 40 countries
Land lease for development projects
1
2
3
4
13. Business Freedom in the Mining Industry
EVALUATION OF INT’L ORGANIZATIONS ON
MONGOLIA’S PERFORMANCE
China Kazak
hstan
Russia Mongolia
Business Freedom 52.1 73.7 70.0 68.2
Trade Freedom 71.8 79.0 75.0 74.8
Investment Freedom 25.0 40.0 25.0 50.0
Global Competitiveness- Ranked at 98th
World Bank- Doing Business Report
Attracting Foreign Investment- Mongolia is
ranked overall at 78th out of 135 nations
Source: Global Opportunity Index 2015, WEF, 2014-2015,
Heritage Foundation and The Wall Street Journal
Note: 100 score represents the freest
Economic Freedom Index-Mongolia is the 96th
freest country out of 186
15. Business Freedom in the Mining Industry
• Sector diversification
• Geographical diversification
• Source country diversification
Managing
stakeholders
interests
More favorable
condition
• Synergy between government institutions
• Capacity building program
• Social program to promote a positive impact of FDI
Diversification
15
Protection
• One stop online services
• Aftercare services
• Grievance management mechanism
• Reduce procedural barriers
• Incentives
Financial Incentives
Fiscal Incentives
Regulatory Incentives
MONGOLIA’S EFFORT TO ATTRACT FDI
16. Business Freedom in the Mining Industry
Global Outlook
Investment Legal Environment
Mining and PPP projects
1
2
3
17. Business Freedom in the Mining Industry
GAIN/LOSS INDEX OF IPO COMPANIES
/2010-2014/
Total 37 companies with IPO on markets, those registered in Mongolia as a foreign
investor. During 2010-2014, 11 companies gained profit, 22 of them showed loss.
5
32
0 10 20 30 40
Gain
Loss
Income
growth
< 0.0%, 20
Income
growth
> 0.0%,
17
15 16 17 18 19 20 21
Stock indices of selected companies
/2010-2015/
Source: Invest Mongolia Agency, 2015
18. Business Freedom in the Mining Industry
AVERAGE EARNING/LOSS PER SHARE
OF TOTAL COMPANIES /2010-2014/
0
10
20
30
Earning per
share
Loss per share
7
30
Earning per
share
>1.00$
48.2%
Earning per
share 0.00$ :
1.00$
42.8%
Loss per
share
< -1.00$
17%
Loss per
share -0.00$
to -1.00$
83%
Companies with Earning per share /EPS/
- Centerra Gold
- Rio Tinto
- BANPU /Hunnu Coal
- Peabody Energy Corp
- Carajas Copper Company/Voyager
Resources
- Central Asia Metals
- Manas Petroleum
Source: Invest Mongolia Agency, 2015
19. Business Freedom in the Mining Industry
Investment Agreement
• Oyu Tolgoi
• Tavan tolgoi- ongoing
• 1 more proposal on a copper
deposit
Stabilization Certificate
• Awarded to
• 1 coal mine company
• 1 Iron mine company
MINING PROJECTS SEEKING LEGAL SUPPORT
20. Business Freedom in the Mining Industry
CONCESSION PROJECTS SIGNED
Industrial and Infrastructure projects
1. Mining and Metallurgy Complex Construction Project, Contract: $725 million
2. Oil Refinery Plant Construction in the East Region
3. State Reserve Storage Project in Rashaant Contracts : $55 million
4. Nariinsukhait-Shiveekhuren Road project, Contract: MNT 109 billion
5. Railway from Erdenet city to Ovoot Mining, Contract: $1.3 billion
Energy projects
1. Baganuur Power Plant Contract: $900 million
2. Chandgana Power Plant and Baganuur to
Undurkhaan Electric Transmission Line Construction Project
3. Tevshiin Gobi Power Plant Project in Saintsagaan soum in Dundgobi
21. Thank you for your
attention
Web: www.investmongolia.com
Phone: +976-11-320706, 310599
Email: info@investmongolia.com
@investmongolia