Crossroads Asia | Economy | Central Asia

American Chamber of Commerce Celebrates 15th Anniversary in Mongolia

Since its founding, AmCham has played an important role in shaping U.S.-Mongolia business relations.

This year marks the 15th anniversary of the establishment of the American Chamber of Commerce in Mongolia. The American Chamber of Commerce, or AmCham, was established on April 11, 2011, by Jackson Cox and Magnai Ganzorig, the CEO of Magnai Trade LLC. In 2011, Mongolia’s foreign policy concept, particularly its “third neighbor” policy aimed to attract investments from democratic, developed, and high-tech countries, which certainly included the United States. Beyond the bilateral relations between the U.S. and Mongolia, AmCham emerged as an additional mechanism that bridged business advocacy.  

As of March 2026, AmCham encompasses over 81 corporate members, including both U.S. and international businesses coupled with Mongolian domestic conglomerates. Since its establishment, AmCham’s operations have diversified. It has helped policymakers and businesses navigate the complex, sometimes troublesome, legal environment of running a business in Mongolia. 

American business interests, too, have diversified over time and the American Chamber has helped to bridge several major cooperation mechanisms between the two countries, yielding tangible results. 

Among the chamber’s most visible campaigns is its long-standing support for the Mongolia Third Neighbor Trade Act, “a bill to promote United States-Mongolia trade by authorizing duty-free treatment for certain imports from Mongolia, and for other purposes.” Even though the trade act has been in a stalemate for several years due to U.S. domestic politics, Mongolia remains hopeful that the act can expand the trade partnership. 

In 2023, during the Biden administration, Mongolia and the U.S. made a breakthrough connection deal. AmCham Mongolia was one of the first vocal advocates for opening direct flights between the two countries, urging for the approval of the Open Skies agreement between the U.S. and Mongolia. The Open Skies Agreement enabled direct access for American carriers to Mongolia. An illustrative example of this agreement is a launch of the flights by United Airlines to Mongolia via Tokyo in 2025. 

In the last several years, Mongolia’s natural resources have matched with emerging global trends and technological competition. Ulaanbaatar aims to become an important part of the sustainable supply chain of minerals. Mongolia’s third neighbors, such as the United States, Japan, and South Korea have shown keen interest. AmCham actively participated and supported Mongolia’s effort to diversify its mining sector. 

In 2023, Mongolia welcomed the U.S.-Mongolia-Republic of Korea Critical Minerals Dialogue led by then Under Secretary of State for Economic Growth, Energy and the Environment Joe W. Fernandez. According to the Office of the United States Trade Representative, the U.S. goods and services trade with Mongolia totaled an estimated $743.2 million in 2024, up 68.5 percent ($302.2 million) from 2023. In recent years, exports of unprocessed and semi-processed gold have grown with the financial backing of the Export-Import Bank of the United States. 

In support of increasing U.S.-Mongolia cooperation in critical minerals, the AmCham Mongolia office stated that “Advocating for a politically neutral and business-orientated, private-sector driven high-trust economy have become the signature pursuit of our NGO.” 

In January 2026, Mongolia participated in the Critical Minerals Ministerial.

If the past 15 years of AmCham Mongolia have taught us anything, while governments and institutions establish and uphold diplomatic relations, it is businesses, and the institutions that represent them, which make it possible for capital markets and investments to flow smoothly and create a tangible outcomes.  

While these........

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