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Mongolia: Participation in Comecon
Country Study > Chapter 3 > The Economy > Foreign Economic Relations and Comecon > Participation in Comecon

PARTICIPATION IN COMECON


Entey into Comecon was a great boon to Mongolia's economic development, enabling it to secure increased amounts of foreign investment, assistance, and technical cooperation; to expand foreign trade markets; to raise product quality to international standards; and to coordinate economic planning better in order to direct the specialization and development the of the economy under "socialist economic integration." Mongolia coordinated its five-year plans with Comecon's five-year multilateral cooperation plans as a participant in Comecon's Cooperation in the Sphere of Planning Activity Committee as well as its Science and Technology Cooperation Committee. These committees also drew up multilateral long-term, special cooperation programs in the areas of transportation, food, energy, and consumer goods, which included development projects in Mongolia, such as the thermal electric power plant in Baga Nuur. Mongolia also participated in Comecon commissions for agriculture, coal industry, electric power, food industry, geology, light industry, nonferrous metallurgy, and transportation, and it cooperated in Comecon efforts in construction, currency-finance, foreign trade, health care, standardization, statistics, telecommunications, and postal communications.

Mongolia also received assistance from Comecon on a multilateral basis. Comecon financed the activities of the Comecon International Geological Expedition and the construction of a number of scientific, communications, and cultural facilities in Mongolia. As a member of Comecon's International Bank for Economic Cooperation and the International Investment Bank, Mongolia was eligible for, and took advantage of, loans at preferential rates. Mongolia also benefited from "incentive prices" for basic imported commodities; such commodities as fuel were imported at lower prices than those charged to Comecon's more developed East European countries.

Data as of June 1989




Last Updated: June 1989


Editor's Note: Country Studies included here were published between 1988 and 1998. The Country study for Mongolia was first published in 1989. Where available, the data has been updated through 2008. The date at the bottom of each section will indicate the time period of the data. Information on some countries may no longer be up to date. See the "Research Completed" date at the beginning of each study on the Title Page or the "Data as of" date at the end of each section of text. This information is included due to its comprehensiveness and for historical purposes.

Note that current information from the CIA World Factbook, U.S. Department of State Background Notes, Australia's Department of Foreign Affairs and Trade Country Briefs, the UK's Foreign and Commonwealth Office's Country Profiles, and the World Bank can be found on Factba.se.

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