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Editorial

Overview

Mongolia’s economy has been in decline over the past few years as a result of the global financial crisis and falling commodity prices. However, the recent election has brought a renewed confidence in the country; in July 2016, the opposition party and former communist group Mongolian People’s Party (MPP) achieved a landslide victory and is now planning to shift policies to encourage and develop foreign direct investment. Although – at the time of writing – M&A activity had not yet picked up, most law firms echo the reports stating that there is a boost in interest and optimism in the jurisdiction.

The main industry for Mongolia is energy, including mining and renewables. The ongoing construction of the Oyu Tolgoi mine, one of the largest financial undertakings in Mongolia’s history, remains a key source of instruction for law firms, despite setbacks as a result of the commodities downturn. Beyond this, major rail and road infrastructure projects are taking place, which is important for the development of the country and the legal market.

In a recent development in the market, Bona Lex Law Firm LLC split out into InstoLex LLP and Tsogt & Nandin LLP.

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