If the country can attract 2 million annual tourists by 2030, tourism could account for 10% of Mongolia’s gross domestic product, the country’s tourism minister told CNBC on Wednesday.
Nomin Chimbat, Mongolian Minister of Culture, Sports, Tourism and Youth, said:
Currently, money from tourists accounts for between 3% and 4% of Mongolia’s GDP, she said.
The inland Asian country welcomed a record 808,000 foreigners in 2024, and is gaining interest, especially among those seeking nature, adventure, culture and spiritual tourism, Chimbat said.
“The number of tourism is rising very rapidly,” she said. “Early every year, the growth was around 9%. We want to increase it to 16%.”
Incoming flights from the US
United Airlines’ first flight to Mongolia landed on Thursday night. This is the chimbat of an event called the “milestone” of the country’s tourism industry.
“We recently conducted a Mongolian Tourism Strategy with the Boston Consulting Group. One of the key aspects to improving the tourism industry is from international connections, particularly from North America.”
She said the three flights that land in Tokyo before departing for the Mongolia capital Ulaanbaatar would “at least double” the number of US visitors, which last year exceeded 22,000.
“The US is one of our source markets, the market we are working on, and the fact that it is one airline makes it much more convenient to allow people to fly to Mongolia, despite being connected at Narita (the airport).”
Most inbound tourists to Mongolia are from neighboring countries of China and Russia as well as South Korea.
Investing in infrastructure
Mongolia will need to invest $4 billion to build roads, hotels, camps and other infrastructure to support the fast-growing tourism industry, Chimbat said.
“The government is creating low-cost, long-term loans for public and private companies to work together to quickly increase infrastructure,” she said.
With interest in Mongolia’s visits growing, Chimbat said the country’s biggest challenge is ensuring that the country grows in a sustainable way.
“We need to make sure our natural resources are sustainable, and on the other side, locals can also benefit from tourists coming to Mongolia,” she said.
