For the majority of the 2000s Mongolia was seen as an upcoming economic powerhouse. Chinese and Russian mining companies injected millions upon millions of dollars into the economy. In recent months however the tides have changed. Economists around the world are concerned about Mongolia’s future. According to the CEIC foreign direct investment has dropped dramatically and in the fourth quarter of 2014 FDI represented -1.81% of GDP. Over the past two years the percentage has fallen more than 50%. These dropping numbers are of great concern to the people of Mongolia and should be of more concern to the world as a whole.

Recently I spoke with Chairman Zandaakhuu Enkhbold, the leader of the Mongolian Khural. When we spoke, he explained that “The State Great Khural [the Parliament] is the supreme legislative power of Mongolia. An individual member does not constitute authority, but all 76 members together constitute an institution empowered to change even the Constitution.” Enkhbold was in parliament for nine years before becoming the Chairman three years ago.

However there are concerns that the Mongolian economy has larger problems than the removal of foreign direct investment. A large concern expressed by Chairman Zandaakhuu Enkhbold, the head of the parliament of Mongolia is that, “Even now, we import many goods and products that can be produced domestically. Somehow, import reduces due to a rise in the foreign currency exchange rate. And we began to produce some products in the country. In this way, the demand for engineers and technicians increases.” This applies to many developing economies, not just Mongolia. Politicians, such as Mr. Enkhbold, must try to encourage the growth of their own economies in order to remove themselves from the third world.

For the future he believes that it is essential for Mongolia’s economy to finally reach their full potential. To achieve that he wants to bring Mongolia into the 21st century. He believes that bettering education and spreading English is key. He said, “Speaking internationally, 80 percent of Internet information is available in English. If you want to sell products, you have to learn English. It is necessary to know the language to find out demands at the world market. We will be defeated in competition, if we do not change our educational system urgently, and have graduates of the same level of knowledge and skills to the graduates in USA, England and Germany. Thus, we speak of the need to change our high educational system in all its bearings.”

Changing education is key not only Mongolia but for all developing countries. Teaching students who are able to become engineers, doctors, and teachers propels third world countries to first world country. Yet according to Chairman Enkhbold communication is just as important. According to him, “In 2005 almost half of entire soums lacked mobile phone. With establishment of a foundation, possibilities were provided to use mobile phone in sparsely populated soums lacking mobile phone operator companies’ service through 3% collection of untaxed income. As a result, all soums have got mobile phone, moreover, accessibility for several mobile phone networks is provided all over the country.”

Chairman Enkhbold, as well as his colleagues, must continue their effort to restore the growth of the Mongolian economy. They must try to attract foreign investment by creating more incentives for foreign companies. In addition they must continue to train and educate their own population in order to be successful.