Mongolia received a total of USD 1.56 billion in foreign direct investment (FDI) in the first 10 months of this year. The figure was down 6 percent compared with the same period last year, said B.Batmunkh, director general at the research and statistics department at the Bank of Mongolia.
The Oyu Tolgoi copper-gold mine in the southern Gobi Desert single-handedly attracted around 80 percent of the total FDI in the January-October period. The mine is expected to produce an average of 425,000 ounces (12,050 kg) of gold and 430,000 tons of copper annually for 20 years.
Mongolia is rich in natural resources, with foreign direct investment in the mining sector being one of the main drivers of the country’s economic growth. However, Mongolia needs to diversify its investment and exports, attract more investment and increase its foreign exchange reserves to ensure economic stability.