Mongolia in CAREC
- Mongolia joined CAREC in 2003
- Since 2003, $571 million has been invested in transport and trade
- 7 ongoing CAREC projects
- 3 completed CAREC projects
CAREC in Mongolia
Mongolia joined CAREC in 2003, just as the program's vision of a seamless transport-corridor network was taking shape.
Mongolia extends 1.5 million square kilometers across the Central Asian plateau, lodged between the Russian Federation and the People's Republic of China (PRC). Much of its land is covered by steppes, with high mountains and valleys to the north and west, and the Gobi desert to the south.
CAREC plays an integral part in Mongolia’s efforts to exploit significant opportunities offered by the country’s vast natural resources. For example, the program is turning barren land into a major gateway for trade by developing an international transport route connecting the Russian Federation with the PRC.
CThe construction of a logistics center in Zamyn-Uud, a crossing point on the PRC border, has enabled the efficient handling of growing volumes of exports, and has reduced transit bottlenecks. Modernized border-crossing points and upgraded roads are also providing economic benefits.
Since 2003, CAREC has mobilized $571 million for 10 projects in Mongolia. The program is improving Mongolia’s transport and trade infrastructure and policies, and is helping to make the country’s economic growth more sustainable.
Stronger economic links fostered by CAREC are helping Mongolia to promote the view that better connections between neighbors and with global markets are key to unlocking the region’s vast resources and human potential.
Highlights from the Asian Development Outlook 2014:
Mongolia is challenged by significant external imbalances because foreign direct investment has declined rapidly and some mineral exports remain weak. Growth is forecast to moderate in 2014 and remain broadly stable in 2015, inflation to decline, and the current account balance to improve over the next 2 years, assuming appropriate policies. The major policy priority is to address pressures on the balance of payments and foreign exchange reserves. Read more.
The United Nations Development Programme prepares reports on human development in Mongolia.