Mongolia’s Cabinet approved a draft resolution advancing state privatization and expanding public share offerings across key industries. The Cabinet made the decision during its December 15, 2025 session and agreed to submit the proposal to Parliament. The plan outlines guidelines for privatization and restructuring from 2025 through 2028.
Under the proposal, the government plans to sell 10 to 66 percent of shares in 18 state-owned companies. These companies operate in aviation, energy, finance, mining, insurance, and selected trade sectors. The government also plans to fully privatize eight state-owned firms.
In addition, authorities intend to merge, consolidate, or restructure seven state-owned enterprises. Officials say these changes aim to improve efficiency and strengthen corporate governance. Moreover, the plan includes future public offerings for six additional companies.
The proposal also calls for the full divestment of state ownership in five companies at later stages. If implemented, the measures would significantly reduce the state’s corporate footprint. The number of fully state-owned enterprises would fall by 19, or 18.8 percent.
As a result, Mongolia would reduce the total number of state-owned companies to 82. Officials expect the changes to increase the number of publicly listed firms. The government believes state privatization will deepen domestic capital markets and attract long-term investment.
The draft lists specific firms slated for share offerings through the stock exchange. These include Telecom Mongolia JSC, MIAT Mongolian Airlines, Erdenes Tavantolgoi JSC, and Erdenet Mining Corporation. Several thermal power plants and energy firms also appear on the list.
Government officials say state privatization will enhance transparency and improve financial discipline. They also expect stronger competition and better management practices across strategic sectors. Analysts note that public listings often improve accountability and investor confidence.
The Cabinet plans to submit the draft resolution to the State Great Khural for debate. Lawmakers will review the scope, timing, and safeguards of the program. Officials emphasized careful oversight during implementation.
State privatization remains central to Mongolia’s economic reform agenda. Authorities expect the program to modernize state assets while supporting sustainable growth and market development.
