Economic Forum

At the economic forum held in the Mongolia's capital yesterday, much was discussed about the country now turning into a major player in the world in the supplying of natural resources. Mongolia has a wealth of resources that are critical to the world "ranging from massive oil, coal and iron ore deposits to the world's largest copper, rare earths and uranium reserves." With all the opportunity that Mongolia has to step out and become a wealthy and important international player, they do have worries that their wealth of resources could become a curse to the country. The forum was meant to deal with these issues and how the country should move forward and deal with its new standing in the international arena. The main question is, will this new found source of wealth be a success for the country, or is the country simply not ready to handle it.

I think that , yes, Mongolia is nearly ready to step into the national arena. Mongolia is new democracy, still shaking off its ties with communism. However, I think the recent election is a

clear sign that Mongolia is making progress. The MPRP, the political power created from

communism, suffered a defeat in the last election, allowing for another party to take control of the presidency. For a country that has lasted so long under the control of one party, this is a sign that things are changing in Mongolia. I think in order to prove to the world that their country is good investment, however, Mongolia will need to make improvements in its poor scoring on the corruption scales.

If Mongolia can prove that it's government structure is sound, and that they have the infrastructure in place to handle such a huge leap into the global market. If Mongolia can prove that, which from what I have seen it looks like they are on the fast track to doing, this could

mean good things for the United States as well. I need to research US - Mongolian relations more, but from what I have seen Mongolia and the US have been on good terms since Mongolia's switch away from communism and its diving into Democracy. On Mongolian National Day

in 2010, President Obama had this to say of Mongolia:"Over the past two decades since your

country’s remarkable democratic transition, Americans and Mongolians have expanded their cooperation and understanding in many areas, including trade, education, culture, international security, and the environment. Through our close cooperation, our respect for each other has grown, as has our friendship." While it is likely that pleasantries are common as a show of respect between countries, I believe that the United States does, and if not should, realize the potential that Mongolia has in becoming a major exporter of vital goods. TheUnited States depends hugely on oil, and it would definitely not hurt us to invest in a democracy, that we have good relations with.

In order for all this to come together, for Mongolia to step into the arena of the world as a major exporting power, and for the United States to benefit from this change, Mongolia needs to step up its game, crack down on corruption, and prove to the world that it has once and for all dropped its ties from the past.

To read the news article about the Economic Forum on UB Post click HERE.

To read the press release about Mongolian National Day click HERE.

To see the official Mongolian - US Embassy page click HERE.