International trade specialist sets scene for Explore Mongolia seminar
FOR many years, Mongolia has been known to us in the West largely for its yaks, wild landscapes and one of the most famous warriors and conquerors of all time - Ghengis Khan, referred to by Mongolians as Chinggis Khan.
But that is not why the Foreign Secretary, William Hague, recently visited Mongolia or why leaders around the globe have started to sit up and take notice.
There are many reasons why the world is suddenly waking up to the opportunities that abound in Mongolia and why Herefordshire and Worcestershire companies need to make sure they do not lose out.
For starters, Mongolia is expected to be the fastest growing economy in the world over the next two decades, with GDP per capita looking like it will more than quadruple by 2020. In 2012 it grew by 12.3% and in 2013 it is expected to grow by up to 12%, potentially doubling in 2014.
This is why UKTI is holding an Explore Mongolia seminar on Thursday, November 14, taking place at Edgbaston Stadium, Birmingham as part of Export Week (November 11-15).
Contributing to the seminar will be a variety of experts from the British Embassy, Ulaanbaatar (Mongolia’s capital), the Mongolian Embassy, London and UKTI West Midlands.
One of my tips for dealing with Mongolians - particularly older Mongolians - is to deal face to face where possible. Meetings, rather than cold calling emails are preferred, especially in the initial stages.
As well as advice for doing business in Mongolia, firms attending the event will learn why rapid growth - largely in the mining sector - has led analysts to christen Mongolia the “Wolf Economy”.
Some of the largest untapped gold, copper and coal deposits in the world have been discovered in this massive country.
Mongolia has the world’s largest copper reserves, the second-largest coal reserves, significant onshore oil and gas fields, vast gold and iron ore reserves and many other enormously significant deposits of minerals, ranging from uranium to tungsten and zinc.
Put simply, Mongolia’s minerals will provide the world with supplies of many of its most valuable raw minerals for the rest of this century.
The mining sector expansion is expected to have a strong multiplier effect on the wider economy in the years ahead. Raw and processed products will need to be transported from some relatively inaccessible areas to the global markets.
In addition, Mongolia already has a young, well-educated population and a vibrant democracy with a pro-Western outlook - English is Mongolia's official second language.
There is a small population - just 2.9 million - but massive infrastructure development projects are crucial to the country’s economic success.
High-quality imported consumer goods are increasingly popular and this demand is expected to increase rapidly in the years ahead.
There are opportunities for Herefordshire and Worcestershire businesses in agriculture, construction, professional, financial and business services, education and tourism.
In 2012, the World Bank ranked Mongolia 73 for its “ease of doing business” and the trend is one of improvement. For example, Mongolia has publicly adopted European norms and standards for products, services, construction and engineering.
The Mongolia seminar is designed to provide firms with briefing on the country’s business climate and opportunities, as well as information about a UKTI trade visit I shall be leading to Ulaanbaatar in March, 2014.
I hope as many firms as possible from Herefordshire and Worcestershire will join us.
For more information about the Explore Mongolia seminar and any of the other events taking place as part of Export Week, log on to the website at exportweek.ukti.gov.uk/full.
To find out more about the range of support services available through UK Trade & Investment to help a company succeed overseas call 0845 074 3515 or email:info@uktiwm.co.uk.
Comments
Post a Comment