Mongolian Innovation Week concludes
Mongolia’s annual week of innovation, which began on May 17, will end today.
The event aims to promote social and technological advancement throughout Mongolia, which, with up to 40% of its citizens living as nomadic herders, still relies heavily on agriculture.
While Mongolia has historically relied on China for the majority of its technological infrastructure, globalization of artificial intelligence and financial technologies – combined with the Mongolian government’s increasing efforts to promote technological literacy in a shift away from this widely-criticized reliance – has contributed to a burgeoning network of tech startups in Ulaanbaatar. This growth has prompted widespread interest from major tech companies including Google, Facebook and Microsoft and has attracted the curiosity of investors from around the world.
In the wake of this event, increased interest from international investors is likely. This interest has led to Mongolia being termed Asia’s next “wolf economy” with the potential for meteoric economic growth. As Ulaanbaatar further promotes indigenous technological expansion, expect foreign investment in Mongolia’s tech sector to increase. Such investment is likely to fuel Mongolian macroeconomic growth in the coming years and will permit the nation to reduce its near-total dependence on China, instead allowing a diversification in trade and economic alliances.
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