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I also think we need to be more ambitious. You see projects and they are too timid, too small. International investors and financiers want scale. So we also help see the bigger picture and help ensure that these projects are appealing and will meet the requirements and benchmarks that we know investors will request.
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Some emerging markets will check all the boxes — strong population growth, growing middle class, verge of investment grade, great leadership, and hunger for capital — and then be missing the one ingredient that enables you to monetize your investment: scale. Without scale, you don’t have liquidity. You have no optionality. In essence, you’re stuck. Africa is a great example. I think many countries, such as Botswana, have potential, but the upper and middle classes are too small for me to get involved. Chile is another example. It has the institutions and leadership, but only 17 million people — no scale.
Imagine discovering a continent so vast that it may have no end to its dimensions. Imagine a new world with more resources than all our future greed might exhaust, more opportunities than there will ever be entrepreneurs enough to exploit, and a peculiar kind of real estate that expands with development. Imagine a place where trespassers leave no footprints, where goods can be stolen infinite number of times and yet remain in the possession of their original owners, where business you never heard of can own the history of your personal affairs...
In many ways we have the young people, we have the talent, we have the imagination, we have the technology. But I don't believe we have the leadership and the willingness to accept risk, to achieve great goals. I believe we need a long-term national commitment to explore the universe. And I believe this is an essential investment in the future of our nation — and our beautiful, but environmentally challenged planet.
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Mongolia is a country that is capable of fixing past mistakes. It is an open country, and we need investments if we want to avoid capital shortages, currency depreciation and inflation. Improving the legal environment in order to attract investments again and regain the confidence of investors is therefore one of the priorities for my administration.
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