Good morning AmCham and thank you for inviting me back to address you and the broader business community on Mongolia’s investment climate.  If there is one thing I have been most proud of these past for years, it’s our partnership – the U.S. Embassy and the American Chamber of Commerce – working together to advocate for the private sector. And what a powerful and productive partnership this has been.

This month is meaningful for us to come before you because we’re going to give you an update on our assessment of the investment climate as well as offer a preview of our upcoming Investment Climate statement.  Here is the BLUF, or bottom line up front:  It’s troubling. The government did not improve the 2025 investment climate. I don’t think there are many people in this room that would disagree with me.

Based on our analysis, which comes from hard data from domestic and international sources, as well as hearing from many AmCham members, and current and potential U.S. investors and businesses present here in UB and around the country, Mongolia remains as nearly uninvestible in 2026 as it was in 2025.

It’s pretty dreary. But I am still cautiously optimistic, particularly given AmCham’s herculean efforts to engage on behalf of the entire business community.  My colleague Michael Richmond will go into more detail later this morning during the panel discussion.

Our collaboration to hold a highly successful and well-attended Freedom 250 American Days in Sukhbaatar Square a few weekends ago demonstrate just how consequential our relationship with AmCham Mongolia is.

This event celebrated the deep, broad fusion of Mongolia and America ranging—from business to culture to sport, from shared histories to comic book heroes.

We could not have done it without AmCham’s networks, resources, and advice. These are qualities that make AmCham the indispensable advocate for the private sector.

Recognizing what AmCham brings to the table and the power of its voice, recent Mongolian governments are now consulting with AmCham. You should all be proud that the government and parliament consider AmCham a critical element in determining legislation and regulations that are not only business friendly but necessary in attracting investment, and growing and diversifying Mongolia’s economy.

AmCham has earned this position through attention to detail; well-argued, transparent analyses; and a demonstrated commitment to being an honest, frank broker on investment and commercial issues that matter to the Mongolian business community.  Most importantly, in my opinion, AmCham listens to its members.  Your membership with AmCham reaps dividends in strengthening an organization that has become an important advocate for the business community.  I give credit to Adiya and his team for all the work they have done in this regard.  So please keep paying your membership dues.

Concerning government and parliament actions—it’s been hard to keep track of the various initiatives from successive governments, and that’s just over the last year. However, from what we have been able to track and analyze, we have many reasons to be “cautiously optimistic.”

I commend the Uchral government and parliament for publicly recognizing the need for reforms to taxation, regulatory processes, licensing, permitting, dispute resolution, and the range of activities making business climates vibrant and prosperous.  But we’re still waiting to see these things to materialize.  Especially waiting for a business environment where permits are issued in days, not months; and where disputes are settled in months, not years.

The Uchral government has followed the path of its predecessors and promised legislation that might deliver these changes; yet the specter of Mongolia as a place where it’s too hard to do business continues to haunt us all. That is the conundrum that continues to perplex my U.S. Embassy colleagues and me.

Little has changed.  Governments and parliaments, as they have for decades, publicly and proudly tout legislation like trophies on a wall, while continuing to come up short with implementation and enforcement. Or they fail to honor the agreements made by their predecessors, nor do they create viable, fair, and transparent paths to resolve disputes.

Members of parliament, debating the Economic Freedom Law and the Investment Law, have rightly demanded proponents of the legislation explain how it will be enforced – how they plan to make officials follow the law and the regulations – in contrast to now where officials from soums to ministries make things up as they go along with absolutely no accountability or recourse.

Drawing on decades of international practice, Mongolian leaders know how to use professional rewards and strict penalties to keep officials compliant with laws and regulations.  So there is no reason for the Mongolian government to hesitate.

Mongolia’s leaders must now implement these proven remedies. Our role is to encourage, even compel, government compliance through consistent, strategic advocacy.  This is where our partnership of AmCham and the U.S. Embassy needs to strengthen and continue.

We can achieve results by delivering clear, concise, and unified arguments during every engagement with officials and legislators.

While this persistent approach requires discipline, sustained, constructive, and candid advocacy is ultimately what secures long-term policy goals.

Let me end on an optimistic but realistic note.  We all know Mongolia has incredible potential. But the reality on the ground remains a tough sell for new capital. Right now, mining drives the entire economy. And while overall GDP growth is hitting over 5% this year, we are still struggling to convert global interest into long-term investment.

Yes, fast-food franchises, convenience stores, and green tech are beating expectations. But broader business growth is hitting a wall. Symbolic laws and streamlined licensing are not enough. To compete globally, and to be an engine of economic growth in Asia, which we all want this country to become, Mongolia needs to move past quick fixes and bandage solutions. It must deliver a predictable legal environment where contracts are fiercely protected.

As we look to the future, let’s remember that the true strength of the U.S.-Mongolia Strategic Third Neighbor Partnership does not lie in government agreements alone, but in the shared determination of the people in this room. Together, the U.S. Embassy and AmCham represent a powerful bridge—one capable of turning economic challenges into commercial breakthroughs. I call on each of you to continue championing the creative, innovative solutions that a modern Mongolian market demands. Let’s continue to lead as the voice for the private sector with bold vision, advocate with unyielding persistence for a transparent business climate, and build a prosperous economic landscape that will endure for generations to come.

Thank you very much AmCham, Happy July 4th, and bayarlaa.

Published Date:2026-06-26