Mongolia attracted over USD 1.3 billion of foreign direct investment (FDI) in the first eight months of 2019, the Central Bank has reported. The number reflects a four percent decrease on the same period last year.

The majority of the total FDI for the January-August period were poured into mega projects in the mining sector, especially the Oyu Tolgoi mine in the southern Gobi Desert. The huge copper-gold mine is expected to produce an average of 430,000 tons of copper and 425,000 ounces (about 12,050 kg) of gold annually for the next 20 years.

The Oyu Tolgoi project is jointly owned by the Mongolian government, who has a 34 percent stake, and the Canada-based miner Turquoise Hill Resources, who owns 66 percent.

Foreign direct investment in the mining sector has been one of the main drivers of the Mongolia’s economic growth.

The Mongolian Finance Ministry estimated that the Oyu Tolgoi project will single handedly attract at least USD 1.3 billion investment this year.

Foreign direct investment flows to Mongolia reached its record high of 4.5 billion dollars in 2012.