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Mongolia: Doing business & staying in touch
Doing business in Mongolia
Suits are recommended and translator services should be arranged. Exchanging business cards is customary.
Mongolians are generous hosts; inviting business contacts to lunch or dinner is a common practice.
Mongolia's economy has traditionally been based on herding and agriculture. The country also has extensive mineral deposits including copper, coal, and gold, accounting for a large part of industrial production.
Mongolia's economy continues to be heavily influenced by its neighbours. For example, Mongolia purchases over 90% of its refined petroleum products and 20% of its electrical power from Russia, leaving it vulnerable to price increases. Meanwhile, over 90% of Mongolian exports are shipped to or through China.
In 2017, Mongolia secured a US$5.5 billion financial assistance package from the IMF which aimed to improve the country's economic stability and long-term prospects.
Mineral products like copper and coal, natural or cultured stones, jewelry, textiles, animal origin products, hides and skins.
Refined petroleum, machinery and equipment, cars, food products, iron products, medicines and rubber.
Keeping in Touch in Mongolia
The country code is +976. As Mongolia is vast, the area codes can be up to four digits. In general:
Ulaanbaatar: 1 or 1X
Suburban of Ulaanbaatar: 2X, 2XX or 2XXX
Central and Northern region: 3X or 3XX or 3XXX
Western region: 4X or 4XX or 4XXX
Eastern region: 5X or 5XX or 5XXX
Roaming agreements exist with some international mobile phone operators. Coverage includes large cities, provincial capitals, many county centres and main roads.
Satellite phones are recommended if you plan to be out and about in the wilderness.
Airmail abroad can be very slow. There is an express mail service available for a limited number of countries.
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