Influence of foreign investments on economical growth of Mongolia

The article studies the concept of foreign investment as an important source for overcoming the backwardness of the social and economic development of Mongolia. Foreign investment is not only a source of financing for improving the structure of the economy and diversifying the country's exports. Technical and technological and innovative achievements in industry are transferred due to foreign investment, thereby introducing new technology, new knowledge, and best management and marketing methods in production, which helps to increase incomes of the population, consumption of high-quality goods and products, and had a positive impact on social and economic development and improving the welfare of the country's population. The results of our studies showed that the dominant part of foreign investment is directed to the mining industry and they become an important factor in economic growth and increasing the competitiveness of the Mongolian economy.