Bloomberg News

Mongolia Seeks Increase in Foreign Investment, President Says

February 01, 2010

Mongolian President Tsakhia Elbegdorj urged more foreign investment in the country, saying the government has made it a priority to improve business conditions.

“Mongolia provides great market opportunities,” Elbegdorj said at a press conference today in Brussels with European Parliament President Jerzy Buzek. “Mongolia is a country which welcomes foreign investment.” Elbegdorj’s meetings with European Union officials continue tomorrow.

Mongolia may become the world’s fastest-growing economy in the next decade as untapped mineral deposits lure investors and the central Asian country develops its banking system, Renaissance Capital said in December.

Wedged between China and Russia, Mongolia has some of the world’s largest untapped deposits of gold, copper and coal. BHP Billiton Ltd. (BHP), Vale SA (VALE5) and Xstrata Plc are among mining companies interested in developing the country’s mineral wealth.

Ivanhoe Mines Ltd. and Rio Tinto Group signed an agreement with Mongolia’s government in October to develop the $4 billion Oyu Tolgoi copper-gold project, which Rio has called the world’s biggest such resource. Peabody Energy Corp. (BTU:US) and China Shenhua Energy Co. are among companies that have been interested in mining a Mongolian coal deposit called Tavan Tolgoi.

To contact the reporter on this story: Jonathan Stearns in Brussels at jstearns2@bloomberg.net

To contact the editor responsible for this story: James Hertling at jhertling@bloomberg.net


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