Mongolia implemented broad economic and political reforms that helped transform its state-controlled economy into a market-driven one. The private sector now accounts for more than 80 percent of Mongolia’s GDP, and the Government of Mongolia made significant progress in improving the private sector environment to increase Mongolia’s global competitiveness.
With the most difficult tasks of a democratic transition largely completed, Mongolia can now focus on a second stage of economic policy reform measures to improve its competitive participation in the world economy.
Chemonics supported this transformation through technical assistance to policy makers, increased investment opportunities, and improved trade efficiency. The Economic Policy Reform and Competitiveness (EPRC) project worked closely with public and private leaders to diagnose and find workable solutions to policy, regulatory, and institutional constraints to business growth.
EPRC also supported Mongolia’s energy sector by developing and implementing a transparent, market-oriented regulatory environment to promote competitive delivery of energy services to consumers. EPRC helped commercialize state-owned enterprises in the energy sector and shared best practices on energy generation and distribution, which created an environment attractive to foreign and domestic private investment.
Before closing out, the project’s main accomplishments include the creation of competitive-based tax reforms, adding a secondary mortgage market, the expansion of Mongolian exports, energy sector accounting reforms, and the promotion of public policy reform.
Project Duration: 2003 – 2011