Economy of Mongolia Options

[tangawizi]

What is the economy of Mongolia like? Is it still a socialist system or now an open economy? Have they liberalised and privatised their major public enterprises?

[Happy Asian]

I think its a Free Market now, but I heard its hard to develop because of the nomadic life-style of the Mongols.

[lovelytruth]

Let,s see how it,s gonna look after 25 years

[studio54]

I think its a Free Market now, but I heard its hard to develop because of the nomadic life-style of the Mongols.

This guy (Happy Asian) is a Vietnamese traitor. He betrays the Vietnamese people

[lovelytruth]

This guy (Happy Asian) is a Vietnamese traitor. He betrays the Vietnamese people

If so that,s bad

[Happy Asian]

This guy (Happy Asian) is a Vietnamese traitor. He betrays the Vietnamese people

I don't share your opinion so that makes me a traitor?

[tangawizi]

What are the major exports of Mongolia besides horses?

[Jt (mongolian)]

What are the major exports of Mongolia besides horses?

Major exports: livestock, copper, animal products, cashmere, apparel,gold ,natural gas,black gold,

[Jt (mongolian)]

Major export trading partners: China 46.2%, US 23.2%, Russia 6.7%, Singapore 5.7%,USA

[Jt (mongolian)]

Major exports: livestock, copper, animal products, cashmere, apparel,gold ,natural gas,black gold,

and many more

[tangawizi]

Cashmere! Ahh...I remember I bought some Mongolian pashminas over Xmas!

Do you have any manufacturing industries for export or domestic economy? It seems like a primary product export economy like Kenya.

[lovelytruth]

Cashmere! Ahh...I remember I bought some Mongolian pashminas over Xmas! 

Do you have any manufacturing industries for export or domestic economy?  It seems like a primary product export economy like Kenya.

If u want u can search that kinda information on interntet dude

[tangawizi]

You know what? I did a search for Mongolian Stock Exchange and this interesting article from BBC in Y2000 came up :

How to start a stock exchange
By Sian Griffiths in Ulan Bator
Tuesday, 11 July, 2000, 17:24 GMT 18:24 UK

Mongolia's economy may be in crisis but Mongolians can be proud of their stock exchange, one of the smallest and newest in Asia.


Sukhbaatar Square: Ulan Bator is a very isolated capital city

The Mongolian Stock Exchange (MSE) is in the country's isolated capital city, Ulan Bator. Its closest neighbouring cities - Irkutsk to the North in Russia and Datong to the south in China - are both two hours away by plane.

When the country's Leninist-Marxist regime was swept away in 1991, the parliament - the Ikh Khural - wasted no time in setting up the state-run institution.

First, the government introduced a mass privatisation programme of state-owned industries.

Then legislators passed a law which gave people the right to own companies. Under the previous regime, all companies would have been owned by the state.


The Mongolian Stock Exchange used to be the children's cinema
The Mongolian Stock Exchange was in need of a home. A small but elegant peach-coloured building was acquired in Sukhbhaatar Square in the centre of Ulan Bator - or UB as international visitors refer to it.

That cleared the way for the MSE, one of those most capitalist of institutions, to be established.

However, it took another four years to actually prepare for cash trading. Then the MSE really came into its own.

The premises until then had housed the children's cinema. The parliament - located on the other side of the square - could now keep a close eye on its new creation.

The screen and seats were ripped out and a trading floor set up in their place.

The floor now buzzes with activity, though only for an hour and a half each day between 1100 and 1230. A clerk sits amid the stock brokers' who share desks and newly installed computers.

The day's trading is recorded on a school-style chalkboard at the centre of the room.


Herdsmen mingle with cityslickers in Ulan Bataar
The old meets the new: Herdsmen mingle with cityslickers in Ulan Bataar

The lobby area - about the size of a doctor's reception - is a busy thoroughfare where men in suits mingle with herdsman in their traditional dress.

Since the privatisation of their herds, these nomadic Mongolians now have a stake in the stock market.

The herdsmen make the often arduous trek into Ulan Bator by horse - through rivers, streams, rough countryside and - if they are lucky - on a dirt road.

Mr B Tumurbaatar, spokesman for the MSE, is proud of the MSE's growth.

"There are totally 142 trading brokers employed on the Mongolian capital market".

A share for everyone


Inside the MSE: The day's trading is recorded on a chalkboard

The MSE is essentially a community affair. The Mongolian Government was keen that the MSE would belong to the people.

It distributed 13 billion Mongolian Togrogs or about $1.3m worth of vouchers to nearly 2 million of its citizens.

The criteria? Mongolians had to be aged one or older.

The idea was to give ordinary people a share in the new privatised companies.


All Mongolians have a stake in the MSE

The list of the top 75 companies is an eclectic mix and includes the State Department Store, a relic from the Communist era, as well as one of Mongolia's most expensive hotels, the Ulan Bator Hotel.


A concerned-looking statue of Vladimir Lenin still stands tall outside of the hotel.

Companies on the rise include Juulchin, the country's leading tourist company which is benefiting from the surge in eco-tourism.

Mr Tuurbaatar has been kind enough to offer what he think is the hottest tip for the new investor.

"Currently, many foreign and domestic investors are looking at shares of Gobi Company," he advises.

"It is producing and exporting cashmere products."

Gobi of course refers to the desert, the world's second largest, which covers much of Mongolia.

As the MSE heads into the stormy waters of capitalism, one wonders what Lenin would have made of it all.

Mongolian Stock Exchange rocks! Its a community affair!!!
So what stocks have you folks got??

[Viety_Cent]

This guy (Happy Asian) is a Vietnamese traitor. He betrays the Vietnamese people

its a free forum......... u can say anything u want and nobody going to stop u

[batu]

What are the major exports of Mongolia besides horses?

hehe. i did not know horses were a major export in Mongolia. I would say copper, molybdenum, gold, cashmere.

[Happy Asian]

its a free forum......... u can say anything u want and nobody going to stop u

Thank you, Viety.

[Bulldogg]

This guy (Happy Asian) is a Vietnamese traitor. He betrays the Vietnamese people

Ur a typical American Imperialist agenda supporter, their will come a time where u will realize that u r being used such as Diem was.

When u think of Happy Asian, u think of drinking a bottle of Jack Daniels & raiseing ur fist in the air & say long live the Orient. When u think of an American Imperialist puppet like u, u wanna drink some milk & go poo in the potty.

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