Mongolia is located in north-central Asia. The population of the country is 3,172,101 people and the majority of them (72.9 %) live in an urban area. The most densely inhabited are such cities as Ulaanbaatar (1,3 mln ppl), Erdenet (79,647 ppl) and Darhan (74,300 ppl).
The economy of the country is strong and stable. Mongolia can brag rich deposits of gold, copper, coal, uranium, rare earth oxides, iron ore, oil, tungsten, molybdenum, and fluorspar. The most rapidly developing businesses deal with agriculture, internet technologies, renewable energy and green technologies; franchising; and logistics.
Franchise companies are widely spread throughout Mongolia. The successful tendency is due to the demands of a rather young population (the median age in Mongolia is 27.4 years) for international brands.
Being open to new products and concepts Mongolians choose quality over cheap price, therefore famous American franchises especially operating in the food and beverage sector are taking advantage over cheaper domestic franchise companies which produce lower quality products. However, if you would like to start your own franchise business in Mongolia, especially in food or beverage sector consider cultural differences.
Among the other successful franchise sectors, one should mention education, consulting, IT, retail, kids, commercial cleaning and health and beauty.
There are high investment business opportunities, as well as cheap franchises in Mongolia presented for review, the choice is yours.
Currency: Mongolian tugrik (MNT, ₮)
Education Index (2015): 0,737
Official languages: Mongolian
Per capita GDP (PPP): $14,270
Quality-of-life index (0-10): -
Population: 3,26 mln
Total GDP (PPP): $47 billion
Ease of Doing Business Ranking, Rank: 74
Human Development Index (HDI): 0,741