Mongolia is a country located in Central Asia neighboured by Russia and China. It is the 18th largest country in the world but sparsely populated with 2.79 million people making it one of the least densely populated areas in the world. Mongolia has affluent mineral resources and the largest steppe area on the planet. Almost half the population is engaged in agriculture and herding and the urban population is primarily located in the capital, Ulaanbaatar as well as a few other large towns. Transportation, communications services and infrastructure are limited and the major industries outside of agriculture, mining and tourism are cashmere processing, food processing, and construction materials.
   
The Mongolian economy experienced a harsh transition to a free market economy in 1990 coinciding with the collapse of the Soviet Union. It was at this time that Mongolia underwent a democratic revolution which has remained the guiding principal of this free and democratically governed country. Although rebuilding the economy in the 1990’s was not an easy task, by the year 2000 the Mongolian economy started showing signs of significant growth in a number of sectors.

With Ulaanbaatar (1.6m people) as the capital and epicenter for economic activity, the modern day Mongolia is a country currently undergoing an economic renaissance underpinned by vibrant mining, tourism, and cashmere manufacturing activity. Its emerging role as a provider of raw materials to China’s constantly growing economy is transforming this small city into an energetic and lively entrepot for years to come.