Sunday, August 1, 2010

Industrial Sector, Mongolia

Mongolia's economy is centered on agriculture and mining. Mongolia has rich mineral resources, like copper, coal, molybdenum, tin, tungsten, and gold.
Industrial sector :
Industry currently accounts for 21.4% of GDP, approximately equal to the weight of the agricultural sector, 20.4%. These industries include construction materials, mining ( coal, copper, molybdenum, flourspar , tin, tungsten, and gold ), oil, food and beverages, processing animal products, and cashmere and natural fibre manufacturing.Industrial production growth rate is estimated to be 4.1% in 2002.  Mining is continuing to rise as a major industry of Mongolia as evidenced by number of Chinese , Russian,and Canadianfirms opening and starting mining business in Mongolia. Domestic production , especially packaged food production has been increasingly coming up with speed with investments from foreign companies.