What Are The Biggest Industries In Mongolia?
Mongolia is a landlocked country situated in East Asia among Russia, Kazakhstan, and China. It experiences a continental climate. Covering an area of over 600,000 square miles, Mongolia is the 18th largest country in world and the least densely populated one. Though its primary industry is mining and resource extraction, there are many other significant industries in Mongolia, each of which has contributed to its growth and development. In this article, we take a look at the biggest industries in Mongolia and what makes them so important.
Mining Industry
Mining has long been the backbone of Mongolia’s economy, and it continues to be one of the largest contributing industries in the country. Mongolia has significant amounts of copper, molybdenum, coal, gold, tin and tungsten. The largest copper deposit in the country is the Oyu Tolgoi, an open pit and underground mine located in the South Gobi region. Mongolia also has major reserves of coal, and the country exports large amounts of coal to China. In addition to copper, gold, and coal, there are deposits of tungsten, molybdenum and uranium, all of which are mined in Mongolia and exported to foreign markets.
Agriculture and Livestock
Agriculture and livestock represent a big part of the Mongolian economy and make up a large portion of the country’s GDP. The majority of crops grown in Mongolia are cereals and forage for livestock. These include corn, wheat, barley, oats and rye. Livestock is an essential part of the Mongolian economy, as it supports both subsistence farming and the nation’s commercial agricultural industries. Nearly 20% of the population is employed in livestock-related activities, and the country has an estimated 25 million head of livestock, which includes sheep, goats, cattle, horses and camels.
Manufacturing Industry
The manufacturing sector in Mongolia is relatively small but growing, and it has become an important source of employment and income for many people. The most important sector of Mongolia’s manufacturing industry is the food processing sector, which focuses on the production of meat and dairy products as well as prepared foods. Other important sectors include textiles, leather, paper and paper products, and construction materials.
Information and Communication Technology (ICT)
The Information and Communication Technology (ICT) sector is a major part of the Mongolian economy, contributing significantly to its growth and development. The sector has been growing rapidly, and it employs more than 10,000 people. Major players in the sector include telecom operators, banks and other financial services companies, internet service providers, and software development firms. The Mongolian government has been actively trying to encourage the development of the ICT sector, and it provides various incentives and policies to attract foreign investment in the sector.
Retail
Retail is an important part of the Mongolian economy, as it contributes to economic growth as well as providing jobs for many people. As of 2019, it is estimated that there are over 10,000 retail stores in Mongolia. These stores include grocery stores, convenience stores, discount stores, department stores, pharmacies, and specialty stores. Ulaanbaatar is Mongolia’s largest retail market, and the city is home to the majority of the country’s leading retailers.
Transportation and Logistics
Transportation and logistics are an important part of the Mongolian economy, as it provides a crucial link between producers and consumers. The transportation network in Mongolia consists of an extensive road and rail network as well as air links to several of the country’s regions. The Mongolian Railways corporation is the main provider of rail services, and it is the largest employer in the transportation sector. Ulaanbaatar’s international airport is the main hub for international flights to and from Mongolia.
Tourism
Tourism has become an increasingly important part of Mongolia’s economy. The country’s vast steppes, rolling sand dunes and snow-capped mountains draw travelers from all over the world. Tourists come to Mongolia to experience its unique culture, visit its many historic sites, and take part in various outdoor activities, including camping, horseback riding, and hiking. Tourism has created jobs and income for many people, and it is contributing to the country’s economic growth.
Mongolia is a landlocked Asian country with a rapidly growing economy. Mining is the primary industry in the country, but there are many other significant industries, each of which is contributing to the country’s development. These include agriculture, livestock, manufacturing, ICT, retail, transportation and logistics, and tourism. Together, these industries generate jobs and income for many people, and they are key drivers of Mongolia’s economic growth.
