By Zolzaya Jargalsaikhan
After two years abroad, my family and I have safely returned to Mongolia — just in time for the Mongolia Economic Forum (MEF) 2025. The energy was palpable — not only from reconnecting with family and friends, but also from the distinct buzz in the business and policymaking communities, the buzz that can be felt only in emerging markets.
Having been part of the MEF organizing team in past years, I understood the strategic effort that goes into programming this forum. That’s why I made it a priority to attend as soon as we landed.
MEF has long served as the go-to platform for understanding Mongolia’s socio-economic landscape — and this year was no exception. Taking place immediately after the 2024 parliamentary elections and the appointment of a new government, it offered a rare chance to hear directly from the newly elected Prime Minister and cabinet ministers on their priorities.
See full agenda and speaker list at the MEF website
A Bold New Framework: The 5D Development Policy
Prime Minister Zandanshatar G. opened the forum by unveiling the 5D Development Policy, a ten-year strategy built on five pillars:
- Doubling the size of the economy
- Doubling the area of green zones
- Doubling renewable energy capacity
- Strengthening macroeconomic stability
- Accelerating digital transformation
What stood out wasn’t just the ambition, but the clarity: each pillar came with measurable targets.
In what might have been a symbolic gesture to international stakeholders, the Prime Minister conducted his one-on-one policy dialogue session entirely in English — signaling openness and accessibility to foreign investors. Though his English was not flawless — at times repeating similar phrases, sidestepping varied questions, or responding with “I do not want to answer that” — the effort to engage in English itself sent a deliberate message of international orientation.
Legal Clarity, Investor Confidence, and Mega Projects
Investor confidence was a central theme of this year’s MEF. One of the keynote speeches focused specifically on restoring and securing investor trust in Mongolia — a timely and necessary topic, though not a new one. The phrase “Mongolia is open for business” has been repeated by nearly every administration since 2012, and for many, it has lost credibility. Deputy Prime Minister Uchral Nyam-Osor directly acknowledged this skepticism, admitting that the long-promised Foreign Investment Law has been discussed at every forum for over a decade, without result. “I’m now embarrassed to talk about it,” he said, candidly. He pledged that the law would be approved by next year’s forum — and added, only half-jokingly, that if not, there may be no Mongolia Economic Forum to speak at.
Khurelbaatar Bulgantuya, Deputy Chairwoman of the State Great Khural, reaffirmed the government’s commitment to legal stability. Deputy Prime Minister Uchral Nyam-Osor emphasized that 14 mega projects initiated by the previous administration would not be shelved. Instead, the government has ranked them using four categories and 14 evaluation criteria. In practice, this means that five projects are actively moving forward, other five will not require funding from the state budget and will find investors, while the remaining four projects have been deferred.
Energy Sector Pivot and Public-Private Momentum
Since 2024, the government has accelerated reforms in the energy sector, with a clear pivot toward green growth. Priorities include expanding renewable energy, building data centers, and setting a path to export energy by 2030.However, skepticism remains — particularly regarding Energy Minister Choijilsuren, whose position appears at odds with the broader reform narrative promoted by other members of the new cabinet. For many in the international community, this inconsistency raises questions about whether the sector’s ambitious goals are truly credible or politically supported at the highest levels.
One of the most notable developments was the volume of public-private partnership (PPP) agreements signed during the Forum. Both public and private actors echoed a shared commitment to leveraging PPP models to accelerate infrastructure and industrial transformation. MEF made it clear that PPPs will be a central mechanism moving forward.
Sovereign Wealth Fund on the Launchpad
The newly established Chinggis Khan Sovereign Wealth Fund — established only last year and with a new CEO appointed 6 months ago — has already joined the International Forum of Sovereign Wealth Funds, adopting global governance and transparency standards.
This places Mongolia’s latest effort alongside longstanding funds such as the Future Heritage Fund and Fiscal Stability Fund, which were created in the 2000s but faced criticism for inconsistent governance. The fund now comprises three accounts — Future Heritage, Development, and Savings, all of which, as stated by the CEO, will be administered and co-managed by the corresponding Ministries.
So, is this fund more credible? It appears so, at least structurally. Unlike earlier iterations, this fund is underpinned by recent legislation, a multi-tiered internal structure, membership in the IF SWF, and real digital transparency measures like E‑Mongolia integration. While it’s still early in its lifecycle, these features signal a more robust and sincere attempt to channel Mongolia’s resource wealth into sustainable, long-term public benefit.
Economic Diversification & Critical Minerals
With 95% of Mongolia’s exports still tied to raw materials, economic diversification is not optional — it’s urgent. Of course, this has been the narrative for well over a decade, with little structural change to show for it. In that familiar context, critical minerals received heightened attention at the forum. Globally, over 30 countries have now issued national strategies on critical minerals. From one panel discussion, it was suggested that Mongolia’s Critical Minerals List will be updated and prioritized to better align with global clean-tech supply chains.
Whether this will amount to more than rhetoric remains to be seen. The ambition is there — but credibility will hinge on whether Mongolia can deliver on standards for sustainability, governance, and transparency that investors and strategic partners increasingly expect.
Sustainability Momentum: COP17 on the Horizon
Another milestone: Mongolia will host COP17 in 2026. This represents a landmark opportunity for Mongolia to step onto the global climate diplomacy stage — with leadership on sustainability, green finance, and energy transition. It’s also a powerful way to convene new partnerships around climate-smart growth — an issue I care deeply about.
Organizers Connecting the Dots
A big round of applause is due to Ganhuyag Chuluun Hutagt, Altangunii Jargalan, Undral Amarsaikhan, and the MEF team. Their leadership, honed over more than a decade of organizing this forum, was on full display this year. The agenda was coherent, ambitious, and action-oriented.
Final Reflections
Coming back from Canada to Mongolia means witnessing something crucial: I can feel the shift. There’s genuine momentum, clarity, and ambition — a buzz not unlike in other fast-moving emerging markets.
Unlike forums of the past, MEF 2025 wasn’t just about promises. It was about execution. With the 5D policy framework, critical minerals strategy, energy and digital pivots, mega projects under review, PPPs gaining traction, and COP17 on the horizon — we’re not just talking about transformation. We’re laying the groundwork for it.
As someone returning with international experience, I feel more determined than ever to contribute to this momentum. Mongolia is at a crossroads — and I’m happy to be home for it.
About Zolzaya
Zolzaya Jargalsaikhan, MBA, is a recent graduate of the University of British Columbia. She has consulted on recycling, climate, and energy transition projects in Canada and Mongolia, and previously worked in Mongolia’s capital markets for seven years.
