Mongolia has made its first official application to join Asia-Pacific Economic Cooperation (APEC) in 1993, Mongolian Foreign Minister Bold Luvsanvandan said: “We now meet the requirements that were set out by APEC in 1997 on membership” and he strongly believes that Mongolia can be a potential transit point for economic growth in the region.
Besides Mongolia there are many other countries seeking to join APEC, including: India, Sri Lanka, Macau, Colombia etc. If Mongolia successfully joins APEC, our country will be the 22nd country in total and the first country that is land-locked.
The last country that was admitted to APEC was Vietnam, 15 years ago. According to World Data, Mongolia’s GDP per capita of $3,673 in 2012 (almost double from 2009 levels of $1,715) suggests there is further room for growth. Mongolia also has trade agreements with 44 countries and is looking to improve ties with the 21 APEC members. 3 APEC countries; China, Canada, Russia make up 96.4% of total exports while Russia, China, US, Japan, and Korea make up 76.8% of imports.
Mongolia is expanding its rail and road networks to connect with other APEC economies, which will also enable expanded trade in Asia-Pacific region. One of the major areas where Mongolia can potentially contribute is in energy security, as railway infrastructure is completed Mongolia’s Tavan Tolgoi mining’s coal export will surpass 30 millions tons a year.
Once economic partnerships are agreed career and employment opportunities in Mongolia will rise as growth is fuelled.
Recent enactment of new investor-friendly laws aims to increase foreign inflows and strengthening of relationships with foreign investors. And joining APEC is another big step forward to economic growth.
Once the market broadens, there will be more mining jobs in Mongolia as well as jobs at all levels of experience, including Executive Search Mongolia.
One of the key countries of APEC, Indonesia publicly expressed its support for Mongolia’s admission to APEC. And Foreign Ministers of Japan, Canada, Australia, New Zealand, and Papua New Guinea and Deputy Foreign Ministers of Russia, and China expressed support during individual meetings.
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