Mongolia In Brief
Often known as the "land of the Blue Sky" Mongolia stirs visions of the untamed and exotic? Chinggis Khan, the Gobi Desert and wild horses galloping across vast expanses of the steppes.
The absolute magnitude, beauty, and wonder of the Mongolian scenery intertwined with her people and rich history make Mongolia a truly inspiring country.
Mongolia's economic activity depends largely on agriculture, the breeding of livestock and mining of extensive mineral deposits of copper, coal, molybdenum, tin, tungsten, and gold.
Until 1990, the Mongolian economic developments were directed by a series of Soviet-style central plans. In the late 80s and early 90s, the Mongolian people changed the path of development with the first multi-party election in 1990. In 1992, the new democratic constitution was enacted.
The government's policy to embrace free-market economics, ease price controls, liberalizing domestic and international trade, and restructuring of the banking system and energy sector has led to major domestic privatization programs being undertaken. These include the fostering of foreign investment through the international tender of the oil distribution companies, banks, and a number of trading and construction companies.