MONGOLIA’S ECONOMIC SECURITY: HOW CAN ECONOMIC DEVELOPMENT FURTHER SUPPORT MONGOLIAN NATIONAL SECURITY THROUGH DEVELOPING ITS MINING SECTOR

Abstract

A strong economy is the pillar of an effective national security strategy and an instrument of national power. Mongolia’s geographic position between two political and economic powers (China and Russia) provides both opportunities and disadvantages for Mongolia’s economy. Mongolia’s economy is currently sustained through exports of raw minerals to its neighboring countries, which means Mongolia is vulnerable to the mineral market values of those countries. Moreover, highly ambitious natural resource extraction hinders other potentially productive domestic economic manufacturing sectors, which impacts Mongolia’s overall economic development. Therefore, Mongolia needs to develop a multi-pillared, sustainable economic structure based on its resources under a strategic institutional management.