Description
1. description of Mongolia 2. international busines presence 3. conclution
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Running head: THE PRESENCE OF INTERNATIONAL BUSINESS IN MONGOLIA
The Presence of International Business in Mongolia
Institution Affiliation
Date
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THE PRESENCE OF INTERNATIONAL BUSINESS IN MONGOLIA
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Description of Mongolia
Mongolia is one of the countries with the highest altitude in the world; it is estimated to
be more than 1500 meters above sea level. It is a landlocked country located between China and
Russia. The capital city of Mongolia is Ulaanbaatar and its other big cities are Darhan and
Erdenet. As of June 2016, Mongolia's population stood at 3.09 million. With a land area of
1,564,120 sq. km and such a low population, it has been realized to be one of the world’s most
sparsely populated countries (FAO, n.d.).
Political System
In 1990, Mongolia became a multi-party state ending its communism after the Soviet
Union collapsed (Bedeski, 2011). This revolution led to the formation of a new constitution in
the year 1992. In the same year, P. Ochirba became the elected as president after gaining support
from the Mongolian Democratic Union and other small parties. As the years passed by, the
Mongolian Democratic Union continued being the dominant party while the Democratic Party
acted as the main opposing party. The head of state is the President and the head of executive
branch is the Prime Minister, who is usually confirmed by the president after being nominated.
Economic System
Mongolia is known for its market economy. Since 1992, there has been a gradual
introduction of free-market reforms and well maintained political stability in the country. This
has led to the improvement...