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The Tourism Industry in Mongolia, Nov 2013

Tourism is becoming increasingly important for the Mongolian economy as the demand for tourism in Mongolia is increasing every year. Also, recent depreciation of MNT makes tourism products cheaper and more attractive. Country's rich nature is one of the key drivers of growth for its tourism market. According to a recent report by the World Travel and Tourist Council's (WTTC), Mongolia's travel and tourism sector directly contributed almost 4% of the GDP. The total contribution of the industry - direct and indirect- is even larger and accounts for 9 % of Mongolia's GDP. The sector attracted capital investment of US$ 400 million in 2011. According to the data of Mongolia's National Tourism Centre (MNTC), around half million tourists visited Mongolia this year. However, government has a plan to increase to the number to 1million by 2020. Going back the history, tourism sector once accounted for 30% of the GDP. Also, looking at other emerging economies, there are quite a few countries whose economies much more heavily depend on tourism sector. Also, tourism sector will have a significant impact to labor market. So, importance of tourism sector in Mongolia should not be exaggerated. So, we will explain about following topics

  1. The Tourism sector in general
  2. The policy of the Ministry
  3. Disadvantages of tourism sector
  4. Possible solutions of the problems
  5. IFC as an example of investment to the sector
  6. The advantages of the sector

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