The value of foreign direct investment in Mongolia increased significantly from 1994 until a sharp decline in 1997. By 1998, the value was increasing again. Some 280 enterprises with foreign capital were registered in 1998. Mining and construction remain the most attractive industries for foreign investors in Mongolia. Altogether, nearly sixty countries have invested in Mongolia.
China is by far the most significant investor.
Other active investors in Mongolia include ROK, the Russian Federation and Japan. Significant foreign investments have been in port development and telecommunications. The largest investment is the Hyundai Business Centre in Vladivostok, a hotel and office complex. Other large investments include a joint venture plywood plant with Sumitomo Corporation and a bottling plant with Coca-Cola. About one third of the total 1,232 foreign enterprises registered in Primorsky at the beginning of 1998 were small Chinese firms, engaged in sales and distribution.