The Economic Club of Ulaanbaatar

The Economic Club of Ulaanbaatar was established in Ulaanbaatar on September 12, 2013.

The Club brings together senior policymakers, distinguished economists, and leading business executives whose decisions and expertise influence Mongolia's economy. Its purpose is to identify the country's key economic challenges, consider practical pathways and solutions, and develop recommendations for the broader public.

The Club's work is grounded in reliable information, professional knowledge, and practical experience. Through informed discussion and collaboration, members identify the issues confronting Mongolia's economy and work collectively to determine effective responses and solutions.

The Economic Club of Ulaanbaatar is composed of senior leaders from government, business, and other organizations that play an important role in Mongolia's economy, together with economists and economic researchers.

Through its monthly meetings, the Club provides a forum for members to exchange insights, discuss timely economic issues, and develop recommendations for the wider public.

The Economic Club of Ulaanbaatar also invites experienced economists and economic policymakers from neighboring countries and other developed economies to share their perspectives and engage in dialogue on regional and global economic developments.

The Club's inaugural meeting welcomed Michael Glos, Member of the German Bundestag and former Federal Minister for Economics, together with Gerhard Thiedemann, Ambassador of the Federal Republic of Germany to Mongolia. They shared insights from Germany's economic development experience. Mr. Glos emphasized that there is no single formula for economic development; what matters most is bringing people together to understand their particular circumstances and jointly identify appropriate solutions.

At its first meeting, the Club discussed the state of Mongolia's economy and the key challenges it faced, and put forward the following recommendations:

• Reduce excessive government intervention in the economy, which participants viewed as a contributing factor to a number of economic challenges, and consider privatizing inefficient state-owned enterprises.
• Address the budget deficit by reducing inefficient public expenditure rather than increasing taxes, and transfer certain functions currently carried out by government institutions to non-governmental organizations and the private sector.
• The Parliament was preparing to consider revisions to the package of tax laws during its autumn session, with the Ministry of Finance responsible for drafting the legislation. Participants raised concerns about a potential conflict in having the Ministry itself lead the drafting process, given its responsibility for tax collection and revenue generation. They therefore recommended that independent researchers and subject-matter experts take a greater role in developing the proposed legislation.