What’s the Latest?
A nation perhaps most famous for a notable ancestor is emerging on the world stage thanks to a huge influx of foreign investment and an energetic surge in the realm of international diplomacy. That nation — of course — is Mongolia, the ambitious northeast Asian country rich with natural resources (and eclectic neighbors). That wealth of resources is the key to Mongolia’s future growth. The government has eased restrictions on mining to a point where $1 billion worth of investment is expected to soon flow toward the Mongolian Steppe. Jet-setting president Tsakhiagiin Elbegdorj sees this as a major step toward future prosperity. Capital raised through foreign investment will be used to diversify his nation’s mineral-dependent economy.
What’s the Big Idea?
Quick – which nation had the world’s fastest growing economy (17.5%) in the year 2011? Did you guess Mongolia? Of course you did! And you’re right, even though that rate has shrunk to a still-impressive 11.7 percent in 2013. President Elbegdorj has big plans for Mongolia’s future including new energy policy charged with achieving national self-sufficiency by 2020. Couple this with Mongolia’s ambitious foreign policy and you can begin to see the roots of a world player on the rise. Whether the benefits of economic growth trickle down to the citizenry and boost quality of life is to be seen. Still, Mongolia could be a giant in adolescence and is certainly a nation to watch in the coming decades.
Read more at The Diplomat
Photo credit: Zazaa Mongolia / Shutterstock.com