Christopher Stuart, UK Ambassador to Mongolia, discusses ties between the two countries.
European Times: Can you describe the relationship between the UK and Mongolia?
Christopher Stuart: The UK and Mongolia have had a good relationship for 50 years and we are now taking it to the next level. We are supporting the Mongolian government in opening up opportunities for inward investment. British companies in many sectors are interested in investment prospects offered by Mongolia; not only in mining but in energy, for example, which will help the country diversify its economy.
European Times: How has Mongolia’s peaceful change in government in 2012 affected the economy?
Christopher Stuart: Mongolia’s foreign-investment law and handling of investor relations undoubtedly slowed the country’s economic development. Recent repeal of this law and a new commitment to create an attractive investment climate has however created a new opportunity to achieve growth rates seen in previous years. The key for the government will be to put into effect their commitment through examples and sound evidence of how this new approach will resolve outstanding issues as well as provide a platform for new activity.
European Times: Is the British embassy working with other international organisations in Mongolia?
Christopher Stuart: We work with many organisations and we focus on coordination of different programmes in an effort to achieve synergies. We are currently involved in green development, capacity-building, knowledge-sharing and other types of projects, including working closely with the Asian Development Bank in areas of health and education and with United Nation in green economy and climate and disaster risk reduction.
European Times: Which sectors do you believe have the most potential to contribute to Mongolia’s predicted GDP growth?
Christopher Stuart: All sectors are developing rapidly and represent investment opportunities. Mongolia needs technical innovation and the UK has a lot to offer in that regard. A major part of the UK embassy’s job here is to generate knowledge of Mongolia and bring it closer to the international community. British investors must not be seen as coming here to exploit the country but rather as coming to support and develop Mongolia. There are definitely signs that the government is moving in the right direction and I look forward once more to a climate of burgeoning foreign investment in support of Mongolia’s development.
European Times: What is your personal message?
Christopher Stuart: Mongolia is a frontier market. It has its challenges and risks but it also has huge potential opportunities. When entering this market companies must undertake their due diligence. They must be well informed and realistic concerning their ability to enter this market and, if so, they can achieve their goals, have good returns on their investments, and contribute to the overall development of the Mongolian economy.
