TOP 100 ENTERPRISES HONORED FOR THEIR CONTRIBUTION TO MONGOLIA’S ECONOMY

The Government of Mongolia and the Mongolian National Chamber of Commerce and Industry (MNCCI) jointly held the annual ceremony to recognize and honor the country’s Top 100 Enterprises, which serve as the backbone of Mongolia’s economy.

The ranking was compiled by a joint working group consisting of representatives from the Ministry of Finance, the General Department of Taxation, the General Customs Administration, the General Department of Social Insurance, the Financial Regulatory Commission, the General Authority for State Registration, and the National Statistics Office. The list was prepared based on officially verified data and transparent evaluation criteria.

A notable feature of this year’s edition is the expansion of the ranking’s scope. In addition to the Top 100 Enterprises, information on the next 200 competitive companies has been included, providing a broader overview of Mongolia’s leading businesses.

The results highlight the growing contribution of wealth creators to the national economy, reflecting stable growth across key economic indicators and strengthening the country’s economic capacity. The combined sales revenue of the Top 100 enterprises increased by MNT 10.8 trillion compared to the previous year, reaching MNT 65.7 trillion, which represents 73 percent of Mongolia’s Gross Domestic Product (GDP).

The total tax contribution of these companies also increased by 5 percent year-on-year, reaching MNT 8 trillion and accounting for 30 percent of the country’s total tax revenue. In addition, the Top 100 enterprises currently provide stable employment to approximately 85,000 people, representing 6.1 percent of Mongolia’s total workforce.

In terms of business structure, the ranking includes 86 limited liability companies (LLCs) and 14 joint-stock companies (JSCs). Geographically, 67 enterprises operate in Ulaanbaatar, while 19 are based in Umnugovi Province. By sector, mining and extraction, trade, finance and insurance, manufacturing, and information and communications companies dominated the list. The top five positions were awarded to Oyu Tolgoi LLC, Mongolian Alt (MAK) LLC, Khan Bank JSC, Energy Resources LLC, and Golomt Bank JSC.

Speaking at the event, Prime Minister of Mongolia Nyam-Osoryn Uchral highlighted the Government’s commitment to protecting private sector freedom and improving the investment environment through major legal reforms. He noted that the proposed Law on Business Freedom, together with amendments to 99 related laws, aims to reduce licensing requirements and inspections while limiting unnecessary government intervention in business activities. He also emphasized plans to introduce structural reforms to Mongolia’s tax system, transitioning toward a more transparent, business-friendly, and support-oriented framework.

MNCCI President Lkhagvajav Baatarjav, in his remarks, underscored the critical role of the Top 100 enterprises in driving economic growth through the implementation of major strategic projects and programs under public-private partnership frameworks. He reaffirmed the Chamber’s commitment to maintaining a stable legal environment for businesses and promoting fair and free competition.

The Top 100 Enterprises, which collectively generate 73 percent of Mongolia’s GDP and contribute 30 percent of total tax revenue, have once again demonstrated their vital role as a key pillar and driving force behind Mongolia’s sustainable development and economic independence.