Mongolia Industry
The industry was built up during the Communist era (1924-1990) with the help of Mongolia’s political allies, mainly the Soviet Union and China. The industries mainly engaged in processing agricultural products and minerals. The large state factories became dependent on cheap commodity supplies from the communist states and exported most of their products there.
This system collapsed when the Soviet Union disbanded and Mongolia transitioned to market economy from 1990 to 1991. Many outdated factories did not survive the privatization process and competition in the world market. They were forced to strike again. The industry’s share of gross domestic product (GDP) has shrunk sharply to about one fifth.
- According to ABBREVIATIONFINDER, MN stands for the country of Mongolia in geography.
During the 1990s, the manufacture of steel, medicines and clothing started. However, privatization in the industry has been slow, even though foreign investments have been made in the mining industry, production of cashmere wool and the textile industry. Between 2005 and 2006, textile exports decreased by 60 percent when international textile quotas were removed and trade became free. The Mongolian textile industry failed to compete with China and production continued to decline. Only in 2010 did the textile industry begin to grow again, but was far from as extensive as before.
In recent years, mining revenues have risen sharply. They accounted for over one fifth of the country’s gross domestic product in 2012. It is mainly copper and coal mining that has increased and there are some of the world’s largest deposits in the country (see Natural Resources and Energy).
Inadequate infrastructure is hampering industrial development, but in recent years the country has invested in the development of roads and railways, as well as telecommunications. The industry is concentrated in the cities of Ulan Bator, Darchan and Erdenet.
2017
December
Mongolia on EU tax haven list
December 5
When the EU publishes its first “black list” of tax havens, Mongolia is one of 17 designated countries and territories.
October
New Prime Minister is appointed
October 4th
Parliament (major hural) voted in favor of Uchnaagiin Chürelsüch from the ruling MPP becoming new prime minister. His representative Zjargaltulgyn Erdenebat was forced to resign in September as a result of corruption charges.
September
Prime Minister Erdenebat is dismissed
September 7
A majority of MEPs decide to dismiss Prime Minister Zjargaltulgyn Erdenebat and his government. Erdenebat is accused of being involved in corruption deals and abuse of power. Among other things, companies with ties to ministers in his government should win government procurement equivalent to several hundred million dollars and the government should also have bribed voters.
August
Requirements for government resignation
August 23rd
About 30 MPP MPs in a letter demand that the government resign. They believe that the ministers and Prime Minister Zjargaltulgyn Erdenebat have committed abuse of power by awarding important business contracts to companies linked to corporate groups controlled by government members.
July
Before this boxer becomes a new president
July 7
In the second and decisive round of the presidential election, the Democratic Party (DP) candidate, former boxer Chaltmaagijn Battulga, wins by about 51 percent of the vote over MPP candidate Mijeegombyn Enchbold, who gathers about 41 percent. About 8 percent vote blank and turnout is around 60 percent.
June
First round of presidential elections
June 26
In the presidential election, the Democratic Party (DP) candidate, the former boxer Chaltmaagijn Battulga, wins by 38 percent of the vote. But that is not enough for him to win the presidential post. A second round of elections will therefore be held on July 7 between Battulga and MPP candidate Mijeegombyn Enchbold. He came in second with 30.3 percent of the vote, while MPRP candidate Sajnchüügiin Ganbaatar got 30.1 percent, leaving the presidential race.
