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At the ongoing World Economic Forum in Davos, Switzerland, ARISE News was among attendees treated to a taste of Mongolia’s heritage through made-in-Mongolia cashmere scarves and premium vodka.
This cultural showcase is part of Mongolia’s strategic push to attract foreign direct investment into its $20 billion economy.
Ganhuyag Hutagt, Chair of the Mongolia Economic Forum, described Davos as an ideal platform for the nation to present its economic potential.
“Davos is the perfect platform to communicate the goals, ideals, and business opportunities that Mongolia has to offer,” he said.
“The top decision makers gather in Davos for one week every year, and instead of us spending millions of dollars on advertisements, we can target them here.”
At the Mongolia House in Davos, attendees were invited to experience the country’s culture firsthand through its cuisine, entertainment, traditions, and locally produced goods.
Hutagt emphasised this immersive approach as a way to highlight Mongolia’s potential in textile manufacturing, premium alcohol production, tourism, and technology.
Mongolia, with its population of 3.5 million, is heavily resource-dependent on agriculture and minerals. However, Hutagt envisions a diversified economic future.
He coined the term “Wolf Economy” to describe Mongolia’s growth strategy, contrasting it with the “Asian Tigers” of Hong Kong, Singapore, South Korea, and Taiwan.
“The difference between the Wolf Economy and the Asian Tigers is we will not invest in labor-intensive industries. The Tigers were built on cheap labor,” he explained.
“We will invest in value-add because we want a high-income population. Mongolia wants to become the financial hub and technology hub of the East Asia region.”
Hutagt also outlined plans to expand Mongolia’s tourism sector and establish the country as a technology leader in the region.
Looking ahead to 2025, he expressed optimism about the role of emerging markets like Nigeria in global growth and said he believes former US President Donald Trump’s policies would positively impact Mongolia and global technology.
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