Normally when people hear the name of the country Mongolia, they are taken back in time during those decades when this name was synonymous with invasions and attacks on the country. Although at one point of time Mongolia had a reign of terror, today it is becoming a force to be reckoned with in the realm of business and economic progress. It is a landlocked country which has Russia and China for neighbors. Over the centuries this country has been ruled by various nomadic rulers and a number of empires have been established and removed from this land. But the resilience of this land can be applauded that despite such turmoil it has survived and today, it has become a major contributor to the economy of the Asian region.
Today, 30% of the population is still nomadic but the range of economic activities undertaken by people has expanded beyond measure. There are extensive mineral deposits which has made mining a very important economic activity and helped promote exports from Mongolia to other countries. One can find deposits of copper, coal, tin, tungsten and even gold which have helped drive industrial expansions in the country. However despite a surge in production activities, retail trade and service still remain the most progressive areas for Mongolia. It is ranked as a middle income economy and Citigroup has named Mongolia to be one of the Global Growth Generators which means that it has been identified as a country which has the most promising future in the coming years. Apart from the mineral industry, agriculture is also a prime economic activity that is undertaken by a large part of the population. Livestock and the meat processing industry are also major contributors to employment in this country.
Since Mongolia has been time and again named as one of the countries which shows promise of progress, this provides a very opportunity for exporters around the world who are into the manufacturing of products that are not considered as luxuries but have in essence become necessities. This includes the automobile industry and shows that there is an immense scope for export of cars and utility vehicles to Mongolia. There is a ready market available and since it has China as a neighbor, the products that are dispatched to this country can be easily sent through the sea route. Cars would be an excellent item for import since a rapidly growing economy invests maximum part of its income in infrastructure and transport. Also the fact that it has large mineral deposits provides an opportunity for establishing bilateral ties with other countries that can export cars and automobiles to Mongolia.