Mongolia Remains a Key Market for Central Asian Business
Mongolian companies often exhibit a global outlook and a willingness to invest long-term in viable products and services.
Mongolia is synonymous with quality and innovation and this goes hand-in-hand with Mongolian companies’ commitment and loyalty to business partners. Furthermore, for many foreign companies, Mongolia has also become the place for development of new products and concepts.
Advantages of Doing Business in Mongolia
There are strategic advantages and cost advantages in doing business in Mongolia. It is possible to set up a business entity in Mongolia in just 14 days and successful business in Mongolia can generate a significant proportion of global profits within 3 – 5 years. Use of MB’s One-Stop Business Establishment Center services can cut the time required to establish a business in Mongolia down to 4 days.
If you succeed in Mongolia, you can succeed in Central Asia as it means you have developed a product or a service that has met the high expectations of the discerning Mongolian market.
But Isn’t Mongolia a Challenging Market to Break Into?
International companies may be concerned about Mongolian complicated distribution channels, a high concentration of domestic competitors and Mongolian unique business culture.
However, thanks to the internet, a lack of physical geographical boundaries means it’s easier to reach customers in Mongolia than ever before.
In addition, global payment gateways and mobile payment solutions offer convenient ways to receive funds in different currencies.
While Mongolia does have a well established domestic market in many sectors, there is an exoticness and status associated with Western brands that drives Mongolian consumer demand for Western products and services.
Moreover, Mongolian business culture isn’t as challenging as many businesses believe. Patience, integrity, respect for their business customs and a long term view to business success are the main ingredients to succeed in Mongolia.
Questions about doing business in Mongolia?
