Economy
Mongolia has abundant pasture land
and the potential for mineral and hudrocarbon exploitation. About 80% of
Mongolia is suitable for extensive animal husbandry, and traditional herds
include cattle, horses, camels, goats and sheep. Intensive crop cultivation is
limited by the short growing season and sharp daily fluctuations in
temperature.
The country is rich in mineral resources including coal, iron, tin, copper,
gold, silver, tungsten, zinc, fluor spar and molybdenum, as well as
semiprecious stones. Thermal power, produced from indigenous coal and imported
diesel oil, and traditional sources of fuel are supplemented by electricity
imports from the Soviet grid. Recently one of the largest reserves of copper
and gold was found in Oyutolgoi, South Gobi province, Both domestic foreign
direct investments have flown into mining sector of Mongolia due to its rich
natural resources.
In 1990, the Government of Mongolia decided to abandon central planning with
the intention to move to a marked-led system. The new economic structure was to
be achieved through privatization of state assets, tight monetary and fiscal
policy and liberalization of prices and tariffs. With the establishment of the
Mongolian Stock Exchange in 1991, the process of privatization and the
establishment of a secondary stock market started. Almost 100% of training,
catering and service entities and animal husbandry has been privatized. Housing
privatization started in 1997. Land privatization started in 2001 onlyt in
urban areas, but the process is still quite sluggish. 
Other flourishing economic areas include banking sector, service and tourism.
STELLATOUR LLC
13th khoroo,Songinokhairkhan district,
Ulaanbaatar, MONGOLIA
TEL: (976) + 55156773, (976)+98225662
Email: stella_tour@hotmail.com
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