In July 2012, Audier & Partners established a formal alliance with ELC LLC, a prominent Mongolian law firm based in Ulaanbaatar whose experienced team of lawyers is well qualified to provide expert legal advice and assistance on the laws of Mongolia.
At over 1.5 million square kilometers and with a population of just 2.85 million, Mongolia is one of the largest, albeit most sparsely populated, countries in the world. In addition to its size, Mongolia is notable for its rich and largely untapped mineral resources and for its strategic location bordering China, the world’s largest resource consumer.
From a closed communist system two decades ago, Mongolia has become one of Asia’s most open economies. The liberalizing effect of these economic and political reforms since the Soviet era has fostered increasing interest from the international business community in Mongolia. The Heritage Foundation ranks Mongolia as the 12th “freest” economy out of 41 in the Asia-Pacific region going into 2013, citing its “large improvement in regulatory efficiency.” According to the World Bank’s Ease of Doing Business 2013 Report, Mongolia’s regulatory environment makes it the 76th easiest country in which to do business, a better ranking than that of any of the BRIC countries.
In this context, and at a time when many economies are struggling under global financial uncertainty, Mongolia has become one of the fastest growing economies in the world. In 2012, Mongolia’s GDP grew by over 12.3%. Most of this growth is being driven by foreign direct investment targeting Mongolia’s mineral wealth.
The growth from the resources sector has also spurred expansion in other areas of the economy such as construction to cope with recent rapid urbanization, sorely needed infrastructure development and mine supply. The government is also looking to diversify into other areas such as agriculture, renewable energy and tourism.
Audier & Partners has established a broad-based team to provide practical and efficient advice and assistance to clients looking to enter the vibrant Mongolian market, comprising Nicolas Audier, managing partner, Etienne Laumonier, partner, and Pierre-Michel Motteau, country representative.