Ulaanbaatar
Uchral Nyam-Osor: Economic Immunity Must Be Outcome of Long-Term Intelligent Policy
Society
Ulaanbaatar, July 7, 2025 /MONTSAME/. Ahead of the Mongolia Economic Forum, “MEF Youth 2025” event was held on July 6, 2025.
This event, under the motto “Rebuilding Trust”
was an open discussion on current economic challenges, future opportunities,
and the participation of youth, gathering together more than 3,000 youth and
sector experts.
Deputy Prime Minister and Minister of Economy and Development Uchral Nyam-Osor attended the event and addressed the youth, noting, "Economic immunity cannot be attained through short-term measures, but must instead be the outcome of long-term intelligent policy. Currently, the K-pop industry of the Republic of Korea contributes USD 50 billion to its national economy. A single concert by the group BTS generates USD 900 million in revenue, which is equivalent to 4–5 percent of Mongolia’s GDP. In 2025, the Los Angeles Lakers team was sold for USD 10 billion—an amount equal to approximately 45–50 percent of Mongolia’s GDP. In the same way, the talents and aspirations of Mongolian youth can be transformed into valuable contributions to the economy.”
The Ministry of Economy and Development is implementing a consistent policy aimed at supporting sectors driven by youth skills and innovation. This includes culture and the arts, sports, technology, agriculture, creative industries, the digital economy, and startups. Furthermore, the Government is undertaking reforms to eliminate barriers and restrictions in the form of “permission” faced by entrepreneurs, and create opportunities to compete in the international market, underscored the Deputy Minister.
