For many Mongolians, the booming capital, Ulaanbaatar, is synonymous with economic opportunity and a new life. Half the population now lives in the capital. Yet, with women comprising nearly 40 percent of the country’s entrepreneurs.

While the female-to-male ratio of labour-force participation in the formal sector is relatively high in Mongolia compared to other countries in the region, women in business still face steep challenges in acquiring business skills, developing networks, and securing financing.

Take 27-year-old Undrakh, who started her handicraft business several years ago in her home but struggled to sell her products. Fast-forward to today, and Undrakh has a registered LLC with a well-appointed studio office in the center of Ulaanbaatar, two assistants, and a steady stream of regular orders from bigger businesses.

Undrakh is one of 28 graduates of Mongolia’s first-ever Women’s Business Center and Incubator Project, funded by the Korea International Cooperation Agency (KOICA) and The Asia Foundation’s Lotus Circle. The WBC supports a growing number of women business owners like Undrakh by providing high-quality business support services and an enabling environment for women entrepreneurs.

Since opening in 2016, the WBC has trained over 5,000 women and developed a regular client base of 2,000 entrepreneurs. (Asia Foundation)