Invest in the People, Not in Cement
I had an amazing Startup Grind fireside chat interview with parliament member Dorjkhand Tsogmid. The interview was in Mongolian but I want everyone to enjoy it. So I am presenting you the abstract summary in English.
According to PM Dorjkhand:
It is true that Mongolia has a wealth of untapped minerals, wide steppes, rich culture heritage, proud history, and potential for the tourism industry, but policymakers in Mongolia must have policies that focus on the below issues to enhance the few competitive advantages we possess.
Invest in education: The simple and straightforward fact of the growth theory of developmental economics is that new technology multiplies capital productivity, and education multiplies human productivity. In addition, countries like Mongolia with a small population have the advantage of adopting fresh ideas and new technology quickly. So, in the digital and virtual business era, investment in education can have a significantly greater return.
The government cooperation and favorable business environment for the IT- based companies: Mongolia has the chance to implement the blockchain-based exchange and trade government debt instruments on it. The infrastructure has already been developed by Mongolian IT startup. However, those capable young people and IT-based startups need a favorable business environment as a lift-off.
Export the minerals as a virtual service: Mongolia has an abundance of coal and no shortage of open land that can power and house data centers. We can build power plants and turn the coal to electricity that will power data centers in Mongolia instead of shipping the raw coal, which is priced at its lowest without pricing-in the rehabilitation cost of hazardous dust in air and soil the 40-ton trucks destroy on the way to China.
Enjoy the stability in the region and implement long-term policies: even though Mongolia is at its disadvantage when we talk about its land-locked location in between two large nations; however, the situation offers geopolitical stability and the back doors to the world’s second and fourteenth largest markets. To benefit from this stability, Mongolia must play the long-term game for a prolonged period of time with short-term decisive actions.
“So If we want to take the path of becoming a nation that has fully acquired technology, we must implement rigorous policies in that direction”.
