Mongolia’s ‘ambitious’ plan could boost tourism to 10% of GDP by 2030, says minister

Mongolia’s ‘ambitious’ plan could boost tourism to 10% of GDP by 2030, says minister


Tourism could comprise 10% of Mongolia’s gross domestic product if the country can attract 2 million annual tourists by 2030, the country’s tourism minister told CNBC Wednesday.  

“We have a big, ambitious kind of goal, which is about 2 million tourists by 2030, which will be around a $4 billion contribution towards our GDP,” said Nomin Chinbat, Mongolia’s minister of culture, sports, tourism and youth.

Money from tourists currently makes up between 3%-4% of Mongolia’s GDP, she said.

The landlocked Asian country welcomed a record-breaking 808,000 foreigners in 2024, and interest continues to rise, especially among those seeking nature, adventure, culture and spiritual tourism, Chinbat said.

“Tourism numbers have been growing quite rapidly,” she said. “Year on year, growth has been around 9%. We’re wishing to increase it to 16%.”

Incoming flights from the US

United Airlines’ first flight to Mongolia landed Thursday night, an event Chinbat called a “milestone” for the country’s tourism industry.

Mongolia wants tourism to be 10% of GDP by 2030, minister says

“We’ve recently done a Mongolian tourism strategy with Boston Consulting Group, and one of the key aspects in order to improve our tourism industry is international connectivity, and especially from North America.”

She said Mongolia is hoping that the thrice-weekly flights, which land in Tokyo before departing for the Mongolian capital of Ulaanbaatar, will “at least the double” the number of U.S. visitors, which last year topped 22,000 people.

“The USA is one of our source markets, a market we’re working towards, and the fact that it is one airline, even though it’s connecting in Narita [Airport], it will make it much more convenient for people to be able to fly to Mongolia.”

Most inbound travelers to Mongolia hail from its neighboring countries of China and Russia, as well as South Korea.

Investing in infrastructure

Mongolia needs to invest $4 billion to build roads, hotels, camps and other infrastructure to support its burgeoning tourism industry, Chinbat said.

“The government is creating low-rate, long term loans for public and private entities to cooperate together in order to quickly increase the infrastructure,” she said.

As interest in visiting Mongolia rises, Chinbat said, the country’s biggest challenge is ensuring that the country grows in a sustainable way.

“We need to make sure that our natural resources are … sustained. And on the other side, that locals benefits from the tourists coming into Mongolia too,” she said.



Source

JetBlue to cut more flights, other costs with break-even 2025 ‘unlikely’ due to weaker travel demand
Travel

JetBlue to cut more flights, other costs with break-even 2025 ‘unlikely’ due to weaker travel demand

A JetBlue Airways Airbus A321-231 taxis at San Diego International Airport on March 4, 2025 in San Diego, California. Kevin Carter | Getty Images JetBlue Airways CEO Joanna Geraghty told staff that the carrier is implementing a host of new cost cuts as softer-than-expected travel demand is making break-even operating margins this year unlikely. “We’re […]

Read More
StandardAero CEO on growing demand, business changes post-Covid
Travel

StandardAero CEO on growing demand, business changes post-Covid

ShareShare Article via FacebookShare Article via TwitterShare Article via LinkedInShare Article via Email CNBC’s Phil LeBeau chats with StandardAero CEO Russell Ford to discuss why the engine maintenance business has done well, business challenges and much more. Source

Read More
Cebu Pacific COO on rising fuel prices and growth outlook: We will try to control what we can control
Travel

Cebu Pacific COO on rising fuel prices and growth outlook: We will try to control what we can control

ShareShare Article via FacebookShare Article via TwitterShare Article via LinkedInShare Article via Email Squawk Box Asia Xander Lao, President & COO of Cebu Pacific, shares the airline’s growth outlook and contingency plans to cope with higher fuel prices. 04:53 19 minutes ago Source

Read More