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Doing Business with Mongolia

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Doing Business with Mongolia Doing Business with Mongolia k u . o c . e d i u View of Ulaanbaatar from Zaisan Memorial G s s e n i s u B g n i o D . a i l o g n o M . w w w www.Mongolia.DoingBusinessGuide.co.uk Visit the Website and download the free Mobile App SUPPORTED BY: CONTENTS 8 Mongolia overview 9 Welcome from Lesley Batchelor OBE, FIEx (Grad) – Director General, Institute of Export & International Trade 12 Foreword from Philip Malone, Her Majesty’s Ambassador to Mongolia 14 Introduction from John Grogan, Chairman of the Mongolian British Chamber of Commerce 24 Why Mongolia? 16 About the Department for International Trade (DIT) 18 About UK Export Finance (UKEF) 22 About this Guide 2 34 Help available 24 Why Mongolia? for you 25 • Summary 26 • Geography 27 • Political situation 28 • Economic overview 30 • UK and Mongolia trade 34 Help available for you 36 • Support from the Mongolian British Chamber of Commerce (MBCC) • Support from the UK Department for International Trade (DIT) 40 • Support from the Institute of Export & International Trade (IOE&IT) 42 Getting here and advice about your stay 43 • Entry requirements 45 • Money • Local laws and customs 46 • Safety and security 47 • Health 52 Sector–specific opportunities 54 • Research • Government tenders 55 • Agriculture sector • Consumer goods sector • Education sector 56 • Legal and financial services sector • Mining sector 3 CONTENTS 42 58 Preparing to export 59 • Consultation and bespoke research 60 • Start-up considerations 62 • Direct exports and sales • Financial considerations 66 How to do business with Mongolia 52 68 • Legal considerations 69 • Taxation 70 • Customs and documentation 75 • Shipping your goods 78 Business etiquette, language & culture 79 • Language 58 • Meeting and greeting 86 What are the challenges? 87 • Challenges and risks when doing business with Mongolia • Business risk 66 78 86 www.Mongolia.DoingBusinessGuide.co.uk 4 CONTENTS 92 Resources 92 Resources 99 Supporting organisations contact details 93 What does membership of the Institute of Export & 102 Market experts contact details International Trade mean? 106 Trade shows 95 Focusing on qualifications. Lesley Batchelor OBE, FIEx 107 Useful links (Grad) – Director General, Institute of Export & 113 Map of Mongolia International Trade 118 Quick facts 97 The British Embassy Ulaanbaatar b s e t SUPPORTING ORGANISATIONS e . E + 0 6 Text Safe Area (H: 190mm x W: 128mm) www.mongolianbusinessdatabase.com BRIDGEBRRIDGE OFOF YOURYOUR BUSINESSBUSINESS WITHWITTHH MONGOLIAMONGOLIAA CONTACTCON TTAAC T USU S FOR:FOR: · ndn d a businessb usin e ss partnerpartner inin MongoliaMongolia · interestedinter este d ini n buildingb uild ing a businessbus iness inin MMongoliaongolia · toto purchasepurchase rawraw materialsmaterials fromffrrom MMongoliaongolia · toto investinvest inin MongolianMongolian businessbusiness · toto cooperatecooperate withwith start-upsstart-ups · needneed duedue diligencediiligence informationinffoormation [email protected] 10mm Mongolia overview Stretching over 2,390 km from west to east and 1,260 km from north to south, Mongolia is a landlocked country situated in east-central Asia between China and Russia, and is more than six times the size of the UK – about the combined size of west and central Europe. Since 1991, Mongolia has transformed into a vibrant parliamentary democracy, with rule of law and a free, lively media, three times the level of GDP per capita and vast agricultural and mineral resources including major deposits of coal, gold, copper, iron ore and uranium. With increasing school enrolments, dramatic declines in maternal and child mortality and an increasingly educated population, the World Bank predicts double-digit growth figures for some years. The Mongolian Government is keen to develop its industry, and there are opportunities for UK companies in many areas. Mongolia's GDP growth rate increased from 1.2% in 2016 to 5.3% in 2017 and 6.9% in 2018. This growth has been supported by steady commodity exports (such as copper and coal) and a recovery in FDI, as well as the Mongolian Government’s effective implementation of an economic adjustment programme. The outlook remains positive in 2019, supported by robust growth in private consumption as well as private investment in mining and manufacturing. MARKET EXPERTS Thank you to our Market Experts 8 Welcome from Lesley Batchelor OBE, FIEx (Grad) – Director General, Institute of Export & International Trade The ‘Doing Business with Mongolia Guide’ looks at a country that is more than six times the size of the UK, but with a population of just 3.1 million, making it the most sparsely populated nation in the world. Nearly half of its population lives in the capital of Ulaanbaatar, though its vast quantities of untapped mineral wealth have made it a significant market for foreign investors, injecting significant economic growth in recent years. The landlocked giant is bordered by Russia and China, spanning both east and central Asia. A member of the Asia-Pacific Trade Agreement, Mongolia is the 96 th largest economy in the world according to the OECD, is currently ranked 74 th in the World Bank’s Ease of Doing Business rankings and has a GDP of US $11.4 billion. In 2017, Mongolia exported US $6.88 billion and imported US $4.5 billion, leaving it with a trade surplus of US $2.39 billion. Its main exports include coal briquettes, copper ore, gold, crude petroleum and iron ore, while it is a large importer of refined petroleum, cars, delivery trucks and electricity. Unsurprisingly, China is its largest export destination, followed by the UK, Switzerland, Russia and Italy; China and Russia also head its top import origins. In terms of UK-Mon - golia trade, the US $633 million value of Mongolian exports to the UK far outweighs the US $31.7 million of imports going the other way, according to OECD figures. Cars are by far the largest UK export to Mongolia, representing 20% of the UK’s total export value; they are followed by aircraft parts (7%), polymer ion-exchanges (6%), large construction vehicles (5.9%), hard liquor (4.9%) and broadcasting equipment (4.6%). However, there are several opportunities for UK businesses – particularly in relation to the Mongolian Government’s keenness to maximise its abundant mineral resources. 9 The UK’s Department for International Trade states that there are opportunities for UK businesses in the mining and oil and gas industries, as well as in the supply of equipment and expertise, financing, and other professional, legal and consulting services. There are several UK businesses already operating in Mongolia, including PwC and KPMG. Mongolia has a rising number of English speakers among its younger generations and a freely convertible currency. As well as this, Mongolia’s population is well educated with a 97.4% adult literacy rate and the country also boasts the lowest utilities costs in the region. As with any market, there are challenges, of course. As a landlocked country, the logistics of exporting to Mongolia can be costly. There are also frequent changes within its regulatory framework that businesses need to keep abreast of and in older generations English is less widely spoken. In terms of business culture, Mongolians like to do business with people they know well. Family names were only reintroduced around a decade ago, so people tend to only use their first names. Gifts are exchanged as part of the business, though, as with any emerging market, you should ensure that you are complying with the UK’s anti-bribery laws when dealing with business partners in the market. Mongolia is a fascinating market and a rapidly growing one too. We at the Institute are, of course, more than happy to help you with your exports to Mongolia through our training, qualifications and technical helpline services – just get in touch! Lesley Batchelor OBE, FIEx (Grad) Director General – Institute of Export & International Trade www.export.org.uk 10 Foreword from Mr. Philip Malone LVO, Her Majesty’s Ambassador to Mongolia, Welcome to this very first edition of the “Doing Business with Mongolia Guide”, published by the Institute of Export and International Trade, a major supporter of the ‘Exporting is GREAT’ campaign. Mongolia is a fascinating and in many ways, unique, country. It has come a long way in the last 30 years and has evolved from being an authoritarian and centrally- planned state into a vibrant democracy with a free market economy. Despite having a land mass roughly equivalent to the whole of Western Europe, it has a population of only 3 million, almost half of whom live in the capital, Ulaanbaatar. The legacy of Genghis Khan’s Great Mongol Empire can still be found throughout Eurasia. As a lower middle-income and developing country, Mongolia is still a frontier market, though the economy has grown considerably since the early 2000s. The severe downturn of 2014-16 has passed, with growth in 2019 expected to be a healthy 7%. Mining remains the most significant part of the economy and represents around 90% of exports and 30% of GDP. Indeed, mining is the most prominent area for UK business engagement, with the most prominent being the $2 billion Rio Tinto investment in the Oyu Tolgoi copper/gold mine and the related supply chain for goods and services. Other UK investors are also active in Mongolia’s hugely valuable mineral resource sector. It is not all about mining though. Mongolia is seeking to strengthen the agriculture and tourism sectors and, as in other parts of Asia, with increasing prosperity there are growing opportunities for example in retail, education, healthcare, and food and beverage. The UK is well represented in the financial sector with the big accounting firms all having a presence in Ulaanbaatar and a growing partnership between the London and Mongolian Stock Exchanges. Coupled with considerable goodwill towards the UK as the first Western country to establish diplomatic relations with Mongolia in the 1960s, there is great potential for UK trade and investment as we expand our horizons post-Brexit.
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